0000015615-26-000020 | 10-K | XBRL Viewer

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Stock-Based Compensation and Other Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation plans, number of shares available for future grant (in shares)		3,994,000
Share-based payment arrangement, expense		$ 34.0	$ 32.7	$ 33.3
Stock-based compensation, income tax benefits		14.7	7.6	17.3
Stock-based compensation, vested awards, net income tax benefits		$ 8.8	$ 1.5	$ 11.0
Restricted Shares \| 2013 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of shares authorized (in shares)		9,741,000
Employee Stock Purchase Plans \| ESPPs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of shares authorized (in shares)		4,000,000
2013 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of additional shares authorized (in shares)	1,200,000
2011 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of additional shares authorized (in shares)	1,000,000

Segments and Related Information - Schedule of Financial Information by Reportable Segment - Depreciation and Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Depreciation and Amortization:
Consolidated depreciation and amortization	$ 427.1	$ 506.6	$ 603.2
Reportable Segments \| Communications
Depreciation and Amortization:
Consolidated depreciation and amortization	60.3	74.4	84.0
Reportable Segments \| Clean Energy and Infrastructure
Depreciation and Amortization:
Consolidated depreciation and amortization	108.1	123.0	144.2
Reportable Segments \| Power Delivery
Depreciation and Amortization:
Consolidated depreciation and amortization	142.3	170.2	211.7
Reportable Segments \| Pipeline Infrastructure
Depreciation and Amortization:
Consolidated depreciation and amortization	107.4	128.8	152.9
Reportable Segments \| Other
Depreciation and Amortization:
Consolidated depreciation and amortization	0.0	0.0	0.0
Corporate
Depreciation and Amortization:
Consolidated depreciation and amortization	$ 9.0	$ 10.2	$ 10.4

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Lease Obligations - Finance Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Finance leases, assets, gross	$ 798.8	$ 713.9
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Finance leases, assets, net	$ 560.1	$ 473.0
Finance leases, assets, depreciation	$ 70.8	$ 81.7	$ 103.0

Business, Basis of Presentation and Significant Accounting Policies - Goodwill and Indefinite-Lived Intangible Assets (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) reportingUnit	Dec. 31, 2023 USD ($) reportingUnit
Goodwill [Line Items]
Impairment loss		$ 115.3		$ 119.3
Goodwill, impairment loss		0.0	$ 0.0	0.0
Goodwill
Goodwill [Line Items]
Discount rate sensitivity analysis, spread on discount rate for which evaluation was completed (percentage)	1.00%
Power Delivery
Goodwill [Line Items]
Impairment loss		0.0		$ 0.0
Goodwill impairment testing, number of reporting units \| reportingUnit				1
Communications
Goodwill [Line Items]
Impairment loss		0.0		$ 0.0
Goodwill impairment testing, number of reporting units \| reportingUnit			2
Clean Energy and Infrastructure
Goodwill [Line Items]
Impairment loss		0.0		$ 0.0
Goodwill impairment testing, number of reporting units \| reportingUnit			1	3
Pipeline Infrastructure
Goodwill [Line Items]
Impairment loss		$ 115.3		$ 119.3
Goodwill impairment testing, number of reporting units \| reportingUnit			1	1
Power Delivery Segment, Reporting Unit One \| Power Delivery
Goodwill [Line Items]
Impairment loss	$ 0.0

Other Retirement Plans - Schedule of Multiemployer Pension Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Multiemployer Plans [Line Items]
Expiration Date of CBA	May 06, 2029
Other funds	$ 27.6	$ 23.1	$ 29.4
Total multiemployer pension plan contributions	$ 180.6	150.4	177.5
National Electrical Benefit Fund
Multiemployer Plans [Line Items]
Employer Identification Number	530181657
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 19.8	$ 24.1	18.3
Expiration Date of CBA	Dec. 31, 2030
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	Dec. 31, 2024	Dec. 31, 2023
FIP/RP Status	NA
Surcharge	No
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions		true
Central Pension Fund of the IUOE & Participating Employers
Multiemployer Plans [Line Items]
Employer Identification Number	366052390
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 16.4	$ 16.8	19.2
Expiration Date of CBA	Mar. 31, 2030
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	Jan. 31, 2025	Jan. 31, 2024
FIP/RP Status	NA
Surcharge	No
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions	true	true
Local Union No.9 IBEW and Outside Contractors Pension Fund
Multiemployer Plans [Line Items]
Employer Identification Number	516077720
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 7.3	$ 3.5	7.2
Expiration Date of CBA	May 25, 2030
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	Oct. 31, 2024	Oct. 31, 2023
FIP/RP Status	NA
Surcharge	No
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions	true	true
IBEW Local 456 Pension Plan
Multiemployer Plans [Line Items]
Employer Identification Number	226238995
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 6.3	$ 3.9	3.1
Expiration Date of CBA	Dec. 21, 2029
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	Dec. 31, 2024	Dec. 31, 2023
FIP/RP Status	NA
Surcharge	No
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions	true	true
NECA-IBEW Pension Trust Fund
Multiemployer Plans [Line Items]
Employer Identification Number	516029903
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 4.9	$ 0.7	0.6
Expiration Date of CBA	May 31, 2028
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	May 31, 2024	May 31, 2023
FIP/RP Status	NA
Surcharge	No
Pipeline Industry Pension Fund
Multiemployer Plans [Line Items]
Employer Identification Number	736146433
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 4.4	$ 3.8	6.0
Expiration Date of CBA	Oct. 31, 2026
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	Dec. 31, 2024	Dec. 31, 2023
FIP/RP Status	NA
Surcharge	No
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions	true	true
Central Laborers' Pension Fund
Multiemployer Plans [Line Items]
Employer Identification Number	376052379
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 4.3	$ 3.0	2.3
Expiration Date of CBA	Apr. 30, 2030
Pension Protection Act Zone Status	Green	Yellow
Pension Protection Act Zone Status, Date	Dec. 31, 2024	Dec. 31, 2023
FIP/RP Status	NA
Surcharge	No
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions	true	true
Heavy & General Laborers' Local Unions 472 and 172 of New Jersey Pension Fund
Multiemployer Plans [Line Items]
Employer Identification Number	226032103
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 3.6	$ 3.5	3.7
Expiration Date of CBA	Feb. 28, 2027
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	Mar. 31, 2025	Mar. 31, 2024
FIP/RP Status	NA
Surcharge	No
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions	true	true
Indiana Laborers Pension Fund
Multiemployer Plans [Line Items]
Employer Identification Number	356027150
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 3.2	$ 1.1	1.2
Expiration Date of CBA	May 31, 2027
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	May 31, 2025	May 31, 2024
FIP/RP Status	NA
Surcharge	No
Chicago & Vicinity Laborers' District Council Pension Plan
Multiemployer Plans [Line Items]
Employer Identification Number	362514514
Plan Number	002
Contributions (in millions) Year Ended December 31,	$ 2.9	$ 2.0	1.4
Expiration Date of CBA	May 31, 2028
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	May 31, 2024	May 31, 2023
FIP/RP Status	NA
Surcharge	No
Midwest Operating Engineers Pension Trust Fund
Multiemployer Plans [Line Items]
Employer Identification Number	366140097
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 2.8	$ 1.7	2.7
Expiration Date of CBA	May 31, 2028
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	Mar. 31, 2025	Mar. 31, 2024
FIP/RP Status	NA
Surcharge	No
Construction Laborers Pension Trust for Southern California
Multiemployer Plans [Line Items]
Employer Identification Number	436159056
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 2.6	$ 2.6	2.9
Expiration Date of CBA	May 31, 2028
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	Dec. 31, 2024	Dec. 31, 2023
FIP/RP Status	NA
Surcharge	No
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions		true
Fox Valley & Vicinity Laborers Pension Fund
Multiemployer Plans [Line Items]
Employer Identification Number	366147409
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 1.9	$ 1.2	1.3
Expiration Date of CBA	May 31, 2026
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	May 31, 2024	May 31, 2023
FIP/RP Status	NA
Surcharge	No
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions	true	true
Teamsters National Pipe Line Pension Plan
Multiemployer Plans [Line Items]
Employer Identification Number	461102851
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 1.9	$ 2.9	3.9
Expiration Date of CBA	Jun. 30, 2026
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	Dec. 31, 2024	Dec. 31, 2023
FIP/RP Status	NA
Surcharge	No
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions	true	true
Laborers' National Pension Fund
Multiemployer Plans [Line Items]
Employer Identification Number	751280827
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 1.7	$ 1.6	1.6
Expiration Date of CBA	Nov. 30, 2028
Pension Protection Act Zone Status	Red	Red
Pension Protection Act Zone Status, Date	Dec. 31, 2024	Dec. 31, 2023
FIP/RP Status	Implemented
Surcharge	No
Laborers' Local Union No.158 Pension Plan
Multiemployer Plans [Line Items]
Employer Identification Number	236580323
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 1.6	$ 1.1	1.2
Expiration Date of CBA	May 31, 2027
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	Dec. 31, 2024	Dec. 31, 2023
FIP/RP Status	NA
Surcharge	No
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions	true	true
IBEW Local 1249 Pension Plan
Multiemployer Plans [Line Items]
Employer Identification Number	156035161
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 1.4	$ 3.2	3.4
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	Dec. 31, 2024	Dec. 31, 2023
FIP/RP Status	NA
Surcharge	No
Carpenters Pension Fund of Illinois
Multiemployer Plans [Line Items]
Employer Identification Number	366147396
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 1.2	$ 1.3	0.9
Expiration Date of CBA	Apr. 30, 2029
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	Dec. 31, 2024	Dec. 31, 2023
FIP/RP Status	NA
Surcharge	No
San Diego County Construction Laborers' Pension Trust Fund
Multiemployer Plans [Line Items]
Employer Identification Number	956090541
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 1.1	$ 1.3	1.4
Expiration Date of CBA	Jun. 30, 2026
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	Aug. 31, 2024	Aug. 31, 2023
FIP/RP Status	NA
Surcharge	No
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions	true	true
Operating Engineers' Local 324 Pension Fund
Multiemployer Plans [Line Items]
Employer Identification Number	381900637
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 1.1	$ 0.5	0.6
Expiration Date of CBA	May 31, 2026
Pension Protection Act Zone Status	Red	Red
Pension Protection Act Zone Status, Date	Apr. 30, 2024	Apr. 30, 2023
FIP/RP Status	Implemented
Surcharge	No
Laborers District Council of Virginia Pension Plan
Multiemployer Plans [Line Items]
Employer Identification Number	546117299
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 0.7	$ 3.6	2.9
Expiration Date of CBA	May 31, 2026
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	Dec. 31, 2024	Dec. 31, 2023
FIP/RP Status	NA
Surcharge	No
West Virginia Laborers' Pension Trust Fund
Multiemployer Plans [Line Items]
Employer Identification Number	556026775
Plan Number	001
Contributions (in millions) Year Ended December 31,	$ 0.6	$ 2.1	3.2
Expiration Date of CBA	May 31, 2026
Pension Protection Act Zone Status	Green	Green
Pension Protection Act Zone Status, Date	Mar. 31, 2025	Mar. 31, 2024
FIP/RP Status	NA
Surcharge	No
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions	true	true
Pension
Multiemployer Plans [Line Items]
Total multiemployer pension plan contributions	$ 119.3	$ 108.6	$ 118.4

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 422,014	$ 199,421	$ (47,296)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	295,892	366,765	433,929
Amortization of intangible assets	131,190	139,853	169,233
Non-cash stock-based compensation expense	34,002	32,672	33,335
Provision for (benefit from) deferred income taxes	115,157	(34,433)	(140,863)
Equity in earnings of unconsolidated affiliates, net	(31,964)	(30,228)	(30,697)
Gains on sales and impairments of assets, net	(18,451)	(24,138)	(21,408)
Loss on extinguishment of debt	0	11,344	0
Non-cash interest expense, net	4,766	5,533	5,837
Other non-cash items, net	2,662	13,711	8,875
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(140,809)	29,634	45,007
Contract assets	(446,613)	207,703	(54,185)
Inventories	(2,709)	26,345	33,018
Other assets, current and long-term portion	(65,312)	20,546	75,047
Accounts payable and accrued expenses	250,533	(161,734)	165,892
Contract liabilities	(7,305)	247,502	49,384
Other liabilities, current and long-term portion	2,661	71,129	(37,831)
Net cash provided by operating activities	545,714	1,121,625	687,277
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	(71,044)	(79,933)	(69,388)
Capital expenditures	(259,985)	(148,855)	(192,941)
Proceeds from sales of property and equipment	56,304	66,038	84,110
Payments for other investments	(1,000)	(801)	(1,899)
Proceeds from other investments	3,750	1,503	425
Other investing activities, net	4,730	4,558	1,632
Net cash used in investing activities	(267,245)	(157,490)	(178,061)
Cash flows from financing activities:
Proceeds from credit facilities and term loans	5,597,386	4,099,102	4,378,200
Repayments of credit facilities and term loans	(5,541,827)	(5,252,750)	(4,509,950)
Proceeds from issuance of 5.900% senior notes	0	549,758	0
Repayments of 6.625% senior notes	0	(224,046)	0
Payments of finance lease obligations	(161,024)	(153,957)	(167,615)
Repurchases of common stock	(77,326)	0	0
Payments of acquisition-related contingent consideration	(42,140)	(24,593)	(21,638)
Payments for acquisition-related contingent assets	0	(12,351)	0
Payments to non-controlling interests, including acquisition of interests and distributions	(24,529)	(32,943)	(14,478)
Payments for stock-based awards	(5,611)	(2,946)	(10,330)
Other financing activities, net	(28,367)	(35,508)	(5,187)
Net cash used in financing activities	(283,438)	(1,090,234)	(350,998)
Effect of currency translation on cash	1,096	(3,559)	751
Net (decrease) increase in cash and cash equivalents	(3,873)	(129,658)	158,969
Cash and cash equivalents - beginning of period	399,903	529,561	370,592
Cash and cash equivalents - end of period	396,030	399,903	529,561
Supplemental cash flow information:
Interest paid	176,466	195,338	237,645
Income taxes paid, net of refunds	44,376	43,953	9,608
Supplemental disclosure of non-cash information:
Additions to property and equipment from finance leases and other financing arrangements	$ 229,499	$ 151,009	$ 147,736

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Schedule of Accounts Receivable, Net of Allowance, and Contract Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Contract billings	$ 1,558,200	$ 1,400,600
Less allowance	(17,900)	(19,100)
Accounts receivable, net of allowance	1,540,263	1,381,462
Contract Assets [Abstract]
Retainage	428,400	335,300
Unbilled receivables	1,573,500	1,220,500
Contract assets	$ 2,001,913	$ 1,555,807	$ 1,756,400

Other Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued project costs	$ 270,900	$ 218,900
Self Insurance Reserve, Current	81,900	66,900
Income, sales and other taxes	64,700	83,000
Other	123,300	86,200
Other accrued expenses	$ 540,778	$ 455,043

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Acquisition-Related Contingent Consideration

Acquisition-related contingent consideration is composed of earn-outs, which represent the estimated fair value of future amounts payable for businesses, which the Company refers to as “Earn-outs,” that are contingent upon the acquired businesses achieving certain levels of earnings in the future. The fair values of the Company’s Earn-out liabilities are estimated using income approaches such as discounted cash flows or option pricing models, both of which incorporate significant inputs not observable in the market (Level 3 inputs), including management’s estimates and entity-specific assumptions, and are evaluated on an ongoing basis. Key assumptions include the discount rate, which, as of December 31, 2025, ranged from 10.5% to 14.3%, with a weighted average rate of 11.1% based on the relative fair value of the respective Earn-out liabilities, and probability-weighted projections of EBITDA. Significant changes in any of these assumptions could result in significantly higher or lower estimated Earn-out liabilities. The ultimate payment amounts for the Company’s Earn-out liabilities will be determined based on the actual results achieved by the acquired businesses. As of December 31, 2025, the range of potential undiscounted Earn-out liabilities was estimated to be between $21 million and $88 million; however, there is no maximum payment amount.

Earn-out activity consists primarily of additions from new business combinations; changes in the expected fair value of future payment obligations; and payments. The following table, which may contain slight summation differences due to rounding, provides a reconciliation of changes in Earn-out liabilities measured at fair value for the periods indicated (in millions):


	Year Ended December 31,
	2025		2024		2023
Balance as of beginning of period (a)	$	112.7	$	77.4	$	127.4
Additions	12.8		56.1		1.4

Fair value adjustments (b)	(3.5)		5.2		(12.6)
Payments	(49.4)		(26.1)		(38.8)
Balance as of end of period (a)	$	72.6	$	112.7	$	77.4

(a)Earn-out liabilities included within other current liabilities totaled approximately $28.2 million and $70.0 million as of December 31, 2025 and 2024, respectively.

(b)For the year ended December 31, 2025, fair value adjustments related primarily to decreases within the Power Delivery segment, which were partially offset by increases primarily within the Pipeline Infrastructure segment. For the year ended December 31, 2024, fair value adjustments related primarily to increases within the Clean Energy and Infrastructure, Power Delivery and Pipeline Infrastructure segments, which were partially offset by decreases related to acquisitions within the Communications segment. For the year ended December 31, 2023, fair value adjustments related primarily to decreases within the Communications segment, which were partially offset by net increases, primarily within the Clean Energy and Infrastructure and Power Delivery segments. The decrease in the Communications segment for the year ended December 31, 2023 included a reduction of approximately $12.3 million related to mandatorily redeemable non-controlling interests. In 2023, the Company acquired the remaining interests of an entity with which it had a mandatorily redeemable non-controlling interest arrangement.

Equity Investments

The Company’s equity investments as of December 31, 2025 include the Company’s: (i) 33% equity interests in Trans-Pecos Pipeline, LLC and Comanche Trail Pipeline, LLC, collectively “Waha JVs”; (ii) 15% equity interest in Cross Country Infrastructure Services, Inc. (“CCI”); (iii) 50% equity interests in each of FM Technology Holdings, LLC, FM USA Holdings, LLC and All Communications Solutions Holdings, LLC, collectively “FM Tech”; (iv) interests in certain proportionately consolidated non-controlled joint ventures; and (v) certain other equity investments.

In the fourth quarter of 2025, the Company acquired a 15% interest in a battery recycling company, which is accounted for as an equity method investment, through the conversion of approximately $49 million of outstanding accounts receivable. The effect of this transaction is excluded from investing activities in the Company’s consolidated statements of cash flows given its non-cash nature. The fair value of the 15% equity interest received represented the carrying value of the accounts receivable at conversion, and accordingly no gain or loss was recognized.

As of December 31, 2025 and 2024, the aggregate carrying value of the Company’s equity investments, which are recorded within other long-term assets in the consolidated balance sheets, totaled approximately $377 million and $330 million, respectively. As of December 31, 2025 and 2024, equity investments measured on an adjusted cost basis, including the Company’s $15 million investment in CCI, totaled approximately $19 million and $18 million, respectively. Except for one investment for which the Company recorded an impairment loss totaling approximately $3 million during the year ended December 31, 2023, there were no impairments related to these investments in any of the years ended December 31, 2025, 2024 or 2023.

The Waha JVs. The Waha JVs own and operate certain pipeline infrastructure in the U.S. that transports natural gas to the Mexico border for export. The Company’s investments in the Waha JVs are accounted for as equity method investments. Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $146.8 million as of December 31, 2025. The Company’s net investment in the Waha JVs, which differs from its proportionate share of the net assets of the Waha JVs due primarily to equity method goodwill associated with capitalized investment costs, totaled approximately $290 million and $287 million as of December 31, 2025 and 2024, respectively. The table below reflects the investment activity of the Waha JVs for the dates indicated (in millions):


	Year Ended December 31,
	2025		2024		2023
Equity in earnings (a)	$	32.9	$	30.8	$	30.3
Distributions of earnings (b)	24.4		18.0		15.4

(a)Equity in earnings related to the Company’s proportionate share of income from the Waha JVs is included within the Company’s Other segment.

(b)Distributions of earnings from the Waha JVs are included within operating cash flows.

The Waha JVs are party to separate non-recourse financing facilities, each of which are secured by pledges of the equity interests in the respective entities, as well as a first lien security interest over virtually all of their assets. The Waha JVs are also party to certain interest rate swaps (the “Waha JV swaps”), which are accounted for as qualifying cash flow hedges. The Company reflects its proportionate share of any unrealized fair market value gains or losses from fluctuations in interest rates associated with these swaps within other comprehensive income or loss, as appropriate. For the years ended December 31, 2025 and 2023, the Company’s proportionate share of unrecognized unrealized activity on the Waha JV swaps totaled losses of approximately $8.0 million and $5.0 million, respectively, or $6.0 million and $3.7 million, net of tax, respectively, and for the year ended December 31, 2024, such activity totaled gains of approximately $0.5 million, or $0.3 million, net of tax.

Other Investments. The Company has equity interests in certain other entities that are accounted for as equity method investments. As of December 31, 2025 and 2024, the Company had an investment of approximately $15 million and $17 million, respectively, in FM Tech, which provides for additional funding upon the resolution of certain contingencies, which could range up to $7 million as of December 31, 2025. The fair value of the remaining contingent payments for FM Tech, which are included within other current liabilities, was estimated to be $3 million as of both December 31, 2025 and 2024. For the years ended December 31, 2024 and 2023, the Company made equity contributions of approximately $0.4 million and $0.2 million, respectively, to these other entities, and for the year ended December 31, 2025, there were no equity contributions to these entities. For the years ended December 31, 2025 and 2024, distributions from these entities totaled approximately $0.5 million and $1.9 million, respectively, and for the year ended December 31, 2023, there were no distributions from these entities. The Company has subcontracting arrangements with certain of these entities for the performance of construction services, and expenses recognized in connection with these arrangements totaled approximately $3.8 million, $5.4 million and $2.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of both December 31, 2025 and 2024, related amounts payable to these entities totaled approximately $0.3 million. In addition, the Company has advanced amounts to certain of these entities, which for the years ended December 31, 2024 and 2023, totaled approximately $0.1 million and $0.7 million, respectively, and there were no such amounts for the year ended December 31, 2025. As of December 31, 2025 and 2024, receivables related to these arrangements totaled approximately $4.0 million and $4.1 million, respectively.

Variable Interest Entities. The Company has determined that certain of its investment arrangements are VIEs. See Note 1 - Business, Basis of Presentation and Significant Accounting Policies for additional information. As of December 31, 2025, management determined that the Company is the primary beneficiary of two of its VIEs, and accordingly, has consolidated these entities within the Company’s financial statements, with the other parties’ interests accounted for as non-controlling interests.

The Company’s consolidated VIEs include an electric utility contractor in which the Company acquired a 49% interest in 2024. As of December 31, 2025 and 2024, the carrying values of assets associated with the Company’s consolidated VIEs totaled approximately $187.3 million and $134.8 million, respectively, which amounts consisted primarily of accounts receivable, net of allowance and contract assets. The carrying values of liabilities associated with the Company’s consolidated VIEs totaled approximately $184.6 million and $132.8 million as of December 31, 2025 and 2024, respectively, which amounts consisted primarily of accounts payable. The Company has not provided, nor is it obligated to provide, any financial support to any of its consolidated VIEs.

The carrying values of the Company’s VIEs that are not consolidated totaled approximately $20 million and $23 million as of December 31, 2025 and 2024, respectively, which amounts are recorded within other long-term assets in the consolidated balance sheets. Management believes that the Company’s maximum exposure to loss for its non-consolidated VIEs, inclusive of additional financing commitments, approximated $28 million and $34 million as of December 31, 2025 and 2024, respectively.

Senior Notes

The estimated fair values of the Company’s senior notes were determined based on an exit price approach using Level 2 inputs. See Note 8 - Debt for additional information pertaining to the Company’s senior notes.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Subparagraph (d)
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value of Financial Instruments - Acquisition-Related Contingent Consideration (Details) $ in Millions	Dec. 31, 2025 USD ($) employee
All Acquisitions
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low \| $	$ 21
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high \| $	$ 88
Minimum \| Discount Rate
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Business combinations, contingent consideration, earn-out period \| employee	0.105
Maximum \| Discount Rate
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Business combinations, contingent consideration, earn-out period \| employee	0.143
Remaining weighted average amortization, in years \| Discount Rate
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Business combinations, contingent consideration, earn-out period	0.111

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of income or loss before income taxes for the periods indicated were as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	516.5	$	255.7	$	(84.9)
Foreign	(1.1)		(4.7)		2.2
Total	$	515.4	$	251.0	$	(82.7)

The provision for income taxes for the periods indicated were as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	(51.2)	$	68.9	$	90.2
Foreign	1.9		7.8		1.8
State and local	27.5		9.3		13.5
	$	(21.8)	$	86.0	$	105.5
Deferred:
Federal	$	143.3	$	(26.2)	$	(119.7)
Foreign	(9.7)		0.0		(0.1)
State and local	(18.4)		(8.3)		(21.1)
	$	115.2	$	(34.5)	$	(140.9)
Provision for (benefit from) income taxes	$	93.4	$	51.5	$	(35.4)

The Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, on a prospective basis beginning with the year ended December 31, 2025. The following table presents the required disclosure pursuant to ASU 2023-09 for income taxes paid, net of refunds, for the year ended December 31, 2025 (in millions):


	Year ended December 31, 2025
Federal taxes	$	25.0
State taxes
Virginia	3.8
Pennsylvania	2.5
Other state jurisdictions	10.7
Foreign taxes	2.4


Income taxes paid, net of refunds	$	44.4

The following table presents income taxes paid, net of refunds, for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09 (in millions):


	Years ended December 31,
	2024		2023
Income taxes paid, net of refunds	$	44.0	$	9.6

The tax effects of significant items comprising the Company’s net deferred tax liability as of the dates indicated were as follows (in millions):


	December 31,
	2025		2024
Deferred tax assets:
Accrued insurance	$	66.7	$	54.0
Operating loss carryforwards and tax credits	88.3		93.3
Compensation and benefits	47.5		45.1
Bad debt	4.3		4.6

Other	13.4		20.5
Capitalized expenses	43.2		332.6
Valuation allowance	(61.0)		(64.7)
Total deferred tax assets	$	202.4	$	485.4
Deferred tax liabilities:
Property and equipment	$	323.2	$	299.7
Goodwill	124.1		112.9
Other intangible assets	52.6		75.8
Gain on remeasurement of equity investee	7.2		7.3
Revenue recognition	26.8		203.0
Investments in unconsolidated entities	114.1		117.6
Other	32.6		31.9
Total deferred tax liabilities	$	680.6	$	848.2
Net deferred tax liabilities	$	(478.2)	$	(362.8)

In assessing the ability to realize the Company’s deferred tax assets, management considers whether it is more likely than not that some portion, or all, of its deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which these temporary differences become deductible. Management considers the Company’s projected future taxable income and prudent and feasible tax planning strategies in making this assessment. The Company’s valuation allowances as of both December 31, 2025 and 2024 are related primarily to foreign and state net operating losses and deferred tax assets.

The Company’s deferred tax assets for its state net operating loss carryforwards, which may be carried forward from 5 years to indefinitely, depending on the jurisdiction, totaled approximately $25.9 million and $28.7 million as of December 31, 2025 and 2024, respectively. The Company’s deferred tax assets for its foreign net operating loss carryforwards, which are primarily related to the Company’s Canadian operations, totaled approximately $54.9 million and $56.0 million as of December 31, 2025 and 2024, respectively, and begin to expire in 2026. As of both December 31, 2025 and December 31, 2024, the Company had no deferred tax assets for its federal net operating loss carryforwards.

The Company is generally free of additional U.S. federal tax consequences on distributed foreign subsidiary earnings due to a dividends received deduction implemented as part of the move to a territorial tax system in connection with the Tax Cuts and Jobs Act of 2017 (“TCJA”). The Company has generally not made a provision for income taxes on unremitted foreign earnings because such earnings are insignificant and are intended to be indefinitely reinvested outside the United States. The Company expects that domestic cash resources will be sufficient to fund its domestic operations and cash commitments in the future.

The Company adopted ASU 2023-09 on a prospective basis beginning with the year ended December 31, 2025. The following table presents the required disclosure pursuant to ASU 2023-09 and reconciles the U.S. statutory federal income tax rate related to pretax income to the effective amount and tax rate for the year ended December 31, 2025 (dollar amounts in millions):


	December 31, 2025
	Amount		Percent
U.S. statutory federal rate	$	108.3	21.0	%
State and local income tax, net of federal (national) income tax effect (a)	15.8		3.1
Foreign tax effects:
Canada
Changes in valuation allowances	(8.7)		(1.7)
Other	0.6		0.1
Other foreign jurisdictions	0.5		0.1


Tax credits:
Research and development credit	(20.4)		(4.0)
Other	(0.7)		(0.1)

Nontaxable or nondeductible items:
Nondeductible employee expenses	16.1		3.1
Other	(6.2)		(1.2)
Changes in unrecognized tax benefits	(11.4)		(2.2)
Other adjustments	(0.5)		(0.1)
Effective tax rate	$	93.4	18.1	%

(a) While no state jurisdiction is individually material, California, Florida, Pennsylvania and Virginia made up the majority (greater than 50%) of the Company’s state taxes.

The following table presents the required disclosures prior to the adoption of ASU 2023-09 and reconciles the U.S. statutory federal income tax rate related to pretax income to the effective tax rate for the years ended December 31, 2024 and 2023:


	Year Ended December 31,
	2024		2023
U.S. statutory federal rate applied to pretax income	21.0	%	21.0	%
State and local income taxes, net of federal benefit	1.4		4.3
Foreign tax rate differential	0.2		(1.8)
Non-deductible expenses	5.6		(14.6)
Goodwill and intangible assets	0.0		1.8
Change in tax rate	(0.3)		(5.6)
Compensation and benefits	1.0		6.2
Non-controlling interest	(3.0)		0.7
Other	3.8		0.7
Tax credits	(10.0)		24.7
Stock basis adjustment	0.0		4.9
Valuation allowance for deferred tax assets	0.8		0.5
Effective income tax rate	20.5	%	42.8	%

A reconciliation of the beginning and ending amount of uncertain tax positions, excluding interest and penalties, follows in the table below (in millions).


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	70.3	$	60.9	$	39.3
Additions based on tax positions related to the current year	13.9		15.5		16.6
Additions for tax positions of prior years	—		6.6		9.5
Reductions for tax positions of prior years	(2.7)		—		—
Settlements	(6.6)		—		—
Lapse of statute of limitations	(16.4)		(12.7)		(4.5)
Ending balance	$	58.5	$	70.3	$	60.9

The Company classifies interest, penalties and recoveries related to uncertain tax positions as a component of income tax expense in the consolidated statements of operations. For the year ended December 31, 2025, interest and penalties totaled a benefit of approximately $2.5 million and for the years ended December 31, 2024 and 2023, totaled an expense of approximately $0.7 million and $2.6 million, respectively. Accrued interest and penalties related to uncertain tax positions were $5.3 million and $7.8 million as of December 31, 2025 and 2024, respectively. The effect on the Company’s tax rate if it were to recognize its gross unrecognized tax benefits as of December 31, 2025 approximates $63.8 million, including interest and penalties. While it is possible that there could be audit settlements and/or lapses in certain statutes of limitation relating to uncertain tax positions, management has determined that it is too difficult to predict the outcome of such matters.

The IRS has examined the Company’s federal income tax returns through 2017. Certain foreign and state taxing authorities are examining various years. The final outcome of these examinations is not yet determinable. With few exceptions, as of December 31, 2025, the Company is no longer subject to state examinations by taxing authorities for years before 2020.

On July 4, 2025, new tax legislation was signed into law, known as the One Big Beautiful Bill Act (the “OBBBA”), which makes permanent many of the tax provisions enacted in 2017 as part of the TCJA that were set to expire at the end of 2025. In addition, the OBBBA makes changes to certain U.S. corporate tax provisions, but many are generally not effective until 2026. The Company incorporated the provisions of the new law in preparing its financial statements for the year ended December 31, 2025, which did not have a material impact on its effective annual tax rate.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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+ Details

Commitments and Contingencies - Performance and Payment Bonds (Details) - Performance and Payment Bonds $ in Millions, $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CAD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)
Commitments and Contingencies [Line Items]
Bonded projects, estimated costs to complete	$ 4,600.0		$ 2,200.0
Proportionately Consolidated Non-Controlled Joint Venture
Commitments and Contingencies [Line Items]
Outstanding bonds, amount	7.1	$ 9.7	6.7	$ 9.7
Subsidiaries
Commitments and Contingencies [Line Items]
Outstanding bonds, amount	10,900.0		7,600.0
Subsidiaries \| Proportionately Consolidated Non-Controlled Joint Venture
Commitments and Contingencies [Line Items]
Outstanding bonds, amount	$ 1,100.0		$ 838.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Stock-Based Compensation and Other Employee Benefit Plans - Deferred Compensation Plans (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Deferred compensation plans, assets	$ 33.7	$ 29.0
Deferred compensation plans, liabilities	$ 36.8	$ 35.4

Fair Value of Financial Instruments - Other Investments - Other Equity Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, net investment	$ 377.0	$ 330.0
Subcontracting Arrangements \| Related Party
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Receivables, related party		0.4
FM Tech
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, net investment	15.0	17.0
FM Tech \| Equity Method Investments
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Financing arrangement	3.0	3.0
FM Tech \| Maximum \| Equity Method Investments
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Financing arrangement	7.0
Other Equity Method Investments
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, equity contributions	0.0	0.4	$ 0.2
Equity method investments, distributions of earnings received, operating cash flows	0.5	1.9	0.0
Telecommunications Equity Method Investees \| Subcontracting Arrangements \| Related Party
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Payments, related party	3.8	5.4	2.7
Payables, related party	0.3	0.3
Telecommunications Equity Method Investees \| Advanced Receivable Arrangement
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Payments, related party	0.0
Payments, net of rebates, related party		0.1	$ 0.7
Telecommunications Equity Method Investees \| Employee Leasing and Advanced Receivable Arrangement \| Related Party
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Receivables, related party	$ 4.0	$ 4.1

Stock-Based Compensation and Other Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Activity, Restricted Shares


Activity, restricted shares: (a)	Restricted Shares	Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, as of December 31, 2023	1,505,996	$	71.35
Granted	268,117	90.90
Vested	(344,304)	88.76
Canceled/forfeited	(298,789)	53.22
Non-vested restricted shares, as of December 31, 2024	1,131,020	$	75.48
Granted	386,449	122.25
Vested	(424,650)	75.16
Canceled/forfeited	(54,041)	89.95
Non-vested restricted shares, as of December 31, 2025	1,038,778	$	92.26

(a) Includes 1,000 restricted stock units as of both December 31, 2024 and 2023.

Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
U.S. statutory federal rate	$ 108,300
State and Local Income Tax, Net of Federal (National) Income Tax Effect	15,800
Foreign tax effects:
Other foreign jurisdictions	500
Tax credits:
Research and development credit	(20,400)
Other	(700)
Nontaxable or nondeductible items:
Nondeductible employee expenses	16,100
Other	(6,200)
Changes in unrecognized tax benefits	(11,400)
Provision for (benefit from) income taxes	$ 93,384	$ 51,542	$ (35,408)
Percent
U.S. statutory federal rate applied to pretax income	21.00%	21.00%	21.00%
State and local income taxes, net of federal benefit	3.10%	1.40%	4.30%
Foreign tax effects:
Changes in valuation allowances		0.80%	0.50%
Other		3.80%	0.70%
Other foreign jurisdictions	0.10%	0.20%	(1.80%)
Tax credits:
Research and development credit	(4.00%)
Other	(0.10%)
Nontaxable or nondeductible items:
Nondeductible employee expenses	3.10%
Other	(1.20%)
Changes in unrecognized tax benefits	(2.20%)
Non-deductible expenses		5.60%	(14.60%)
Goodwill and intangible assets		0.00%	1.80%
Change in tax rate		(0.30%)	(5.60%)
Compensation and benefits		1.00%	6.20%
Non-controlling interest		(3.00%)	0.70%
Tax credits		(10.00%)	24.70%
Stock basis adjustment		0.00%	4.90%
Effective income tax rate	18.10%	20.50%	42.80%
Canada
Foreign tax effects:
Changes in valuation allowances	$ (8,700)
Other	$ 600
Foreign tax effects:
Changes in valuation allowances	(1.70%)
Other	0.10%
UNITED STATES
Foreign tax effects:
Other	$ (500)
Foreign tax effects:
Other	(0.10%)

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes [Line Items]
Net operating loss carryforwards, deferred tax assets	$ 88.3	$ 93.3
Interest and penalties	(2.5)	0.7	$ 2.6
Unrecognized tax benefits, accrued interest and penalties	5.3	7.8
Unrecognized tax benefits	63.8
State
Income Taxes [Line Items]
Net operating loss carryforwards, deferred tax assets	25.9	28.7
Foreign
Income Taxes [Line Items]
Net operating loss carryforwards, deferred tax assets	54.9	56.0
Federal
Income Taxes [Line Items]
Net operating loss carryforwards, deferred tax assets	$ 0.0	$ 0.0

Business, Basis of Presentation and Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue [Line Items]
Revenue	$ 14,299,171	$ 12,303,464	$ 11,995,934
Revenue recognition, changes in contract estimates, cost-to-cost method, financial effect, percentage	0.80%	0.10%	0.20%
Revenue recognition, remaining performance obligations, contract price allocated	$ 14,600,000
Contract with customer, unapproved change orders and/or claims, amount (in dollars)	$ 229,000	$ 139,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue recognition, remaining performance obligations, contract price allocated	$ 9,300,000
Revenue, remaining performance obligation, percentage	63.70%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years
Maximum
Revenue [Line Items]
Revenue recognition, changes in contract estimates, cost-to-cost method, financial effect, percentage	5.00%	5.00%	5.00%
Change order or claim approval process, term within which expected to be completed (in years)	1 year
Master Service and Other Service Agreements \| Revenue Benchmark \| Concentration Risk from Type of Arrangement
Revenue [Line Items]
Concentration risk, percentage of total	44.00%	41.00%	40.00%
Master Service and Other Service Agreements \| Revenue Benchmark \| Concentration Risk from Type of Arrangement \| Point in Time
Revenue [Line Items]
Concentration risk, percentage of total	1.00%	2.00%	2.00%

Earnings Per Share - Schedule of Earnings Per Share Information (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income (loss) attributable to MasTec:
Net income (loss) - basic	$ 399,042	$ 162,788	$ (49,949)
Net income (loss) -diluted	$ 399,042	$ 162,788	$ (49,949)
Weighted average shares outstanding:
Weighted average shares outstanding - basic (in shares)	77,866	78,049	77,535
Dilutive common stock equivalents (in shares)	828	831	0
Weighted average shares outstanding - diluted (in shares)	78,694	78,880	77,535
Anti-dilutive common stock (in shares)	11	16	1,100

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Other Retirement Plans - Narrative (Details)	12 Months Ended
Other Retirement Plans - Narrative (Details)	Dec. 31, 2025
Initial Critical Year
Multiemployer Plans [Line Items]
Employer contribution under collective-bargaining arrangement to all participating employer contributions, percentage	5.00%
Succeeding Plan Years
Multiemployer Plans [Line Items]
Employer contribution under collective-bargaining arrangement to all participating employer contributions, percentage	10.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-9

+ Details

Related Party Transactions (Details) shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2024 USD ($)	Dec. 31, 2025 USD ($) employee	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) shares
Related Party Transaction [Line Items]
Revenue		$ 14,299,171	$ 12,303,464	$ 11,995,934
Payments of acquisition-related contingent consideration		42,140	24,593	21,638
Payments for life insurance policies		0	400	$ 1,400
Line of credit facility, letters of credit issued		90,500	81,700
Other long-term assets		503,483	447,235
Noncontrolling interest, percentage of voting interests acquired				15.00%
Payments to noncontrolling interests		24,529	32,943	$ 14,478
2023 Acquisitions
Related Party Transaction [Line Items]
Payments to noncontrolling interests				$ 10,000
Business acquisition, number of shares issued (in shares) \| shares				120
2023 Acquisitions \| Pipeline Infrastructure
Related Party Transaction [Line Items]
Business acquisition, equity interest issued or issuable, value assigned				$ 11,600
Management
Related Party Transaction [Line Items]
Financing receivable				7,100
Other long-term assets		$ 400	$ 3,200
Interest rate		5.00%	5.00%
Chairman, Board of Directors \| Maximum
Related Party Transaction [Line Items]
Life insurance, face amount		$ 200,000
Executive Officers
Related Party Transaction [Line Items]
Life insurance assets, carrying amount		27,500	$ 27,500
Executive Officers \| Former Owner
Related Party Transaction [Line Items]
Payments, net of rebates, related party			300	600
Receivables, related party			200
Chief Executive Officer \| Maximum
Related Party Transaction [Line Items]
Life insurance, face amount		75,000
Equipment \| Related Party
Related Party Transaction [Line Items]
Revenue		300	500	0
Subcontracting Arrangements
Related Party Transaction [Line Items]
Payments to acquire ownership interest in minority interest	$ 700
Subcontracting Arrangements \| Related Party
Related Party Transaction [Line Items]
Receivables, related party			400
Subcontracting Arrangements \| Management
Related Party Transaction [Line Items]
Payables, related party		$ 0	0
Number of management members, subcontracting arrangement \| employee		2
Payments, related party		$ 3,500	5,800	8,700
Subcontracting Arrangements \| Management \| Line of Credit
Related Party Transaction [Line Items]
Line of credit facility, letters of credit issued		15,000
Leases \| Chairman, Board of Directors
Related Party Transaction [Line Items]
Payments, related party		5,600	6,300	2,700
Construction Services
Related Party Transaction [Line Items]
Payments of acquisition-related contingent consideration				$ 16,100
Construction Services \| Immediate Family Member of Management
Related Party Transaction [Line Items]
Percentage of earn out payment paid				25.00%
Construction Services \| Related Party
Related Party Transaction [Line Items]
Receivables, related party		37,500	12,800
Construction Services \| Executive Officers
Related Party Transaction [Line Items]
Revenue		77,600	24,900	$ 10,700
Payments, related party		1,000	900	1,200
Equipment, Supplies And Services \| Related Party
Related Party Transaction [Line Items]
Payables, related party		4,200	2,800
Revenue		11,300	18,400	14,000
Payments, related party		36,000	33,700	42,500
Receivables, related party		3,900	3,900
Subcontracting Arrangement Two \| Related Party
Related Party Transaction [Line Items]
Other operating income		200	800	800
CCI \| Equipment \| Immediate Family Member of Management
Related Party Transaction [Line Items]
Payments, net of rebates, related party		6,400	11,700	$ 7,300
CCI \| Equipment \| Related Party
Related Party Transaction [Line Items]
Payables, related party		$ 800	$ 700

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings or loss per share is computed by dividing net income or loss attributable to MasTec by the weighted average number of common shares outstanding for the period, which excludes non-participating unvested restricted share awards. Diluted earnings per share is computed by dividing net income attributable to MasTec by the weighted average number of fully diluted shares, as calculated primarily under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares. If the Company reports a loss, rather than income, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents if their effect would be anti-dilutive.

The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands):


	Year Ended December 31,
	2025		2024		2023
Net income (loss) attributable to MasTec:
Net income (loss) - basic and diluted (a)	$	399,042	$	162,788	$	(49,949)


Weighted average shares outstanding:
Weighted average shares outstanding - basic	77,866		78,049		77,535
Dilutive common stock equivalents (b)	828		831		—
Weighted average shares outstanding - diluted	78,694		78,880		77,535

(a) Net income or loss is calculated as total net income or loss, less amounts attributable to non-controlling interests.

(b) For the years ended December 31, 2025, 2024 and 2023, anti-dilutive common stock equivalents totaled approximately 11,000, 16,000 and 1,100,000, respectively.

Share repurchases. For the year ended December 31, 2025, the Company repurchased 702,533 shares of its common stock, the effect of which on the Company’s weighted average shares outstanding for the related period was a reduction of approximately 539,000 shares. See Note 12 - Equity for details of the Company’s share repurchase transactions.

Shares issued for acquisitions. The Company has issued shares of its common stock in connection with certain acquisitions. In the fourth quarter of 2024, the Company issued approximately 93,000 shares in connection with the 2021 acquisition of Henkels & McCoy Holdings, Inc., formerly known as Henkels & McCoy Group, Inc. (“HMG”). See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net for additional information. In 2023, the Company issued approximately 4,000 shares of its common stock in connection with the 2022 acquisition of Infrastructure and Energy Alternatives, Inc. (“IEA”).

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Schedule of Accounts Receivable, Net of Allowance, and Contract Assets

The following table provides details of accounts receivable, net of allowance, and contract assets (together “accounts receivable, net”) as of the dates indicated (in millions):


	December 31,
	2025		2024
Contract billings	$	1,558.2	$	1,400.6
Less allowance	(17.9)		(19.1)
Accounts receivable, net of allowance	$	1,540.3	$	1,381.5

Retainage	$	428.4	$	335.3
Unbilled receivables	1,573.5		1,220.5
Contract assets	$	2,001.9	$	1,555.8

Equity (Tables)

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Loss

Rollforward of Accumulated Other Comprehensive Loss

A rollforward of activity within accumulated other comprehensive income (loss) for the periods indicated was as follows (in thousands):


	Year Ended December 31,
	2025						2024						2023
	Foreign Currency		Other		Total		Foreign Currency		Other		Total		Foreign Currency		Other		Total
Balance as of January 1	$	(53,607)	$	12,760	$	(40,847)	$	(65,408)	$	12,411	$	(52,997)	$	(67,103)	$	16,148	$	(50,955)
Unrealized gains (losses), net of tax	2,766		(5,952)		(3,186)		(2,949)		349		(2,600)		1,695		(3,737)		(2,042)
Consideration transferred in a foreign subsidiary	—		—		—		14,750		—		14,750		—		—		—
Balance as of December 31	$	(50,841)	$	6,808	$	(44,033)	$	(53,607)	$	12,760	$	(40,847)	$	(65,408)	$	12,411	$	(52,997)

Equity - Rollforward of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 2,987,343	$ 2,721,261	$ 2,741,187
Ending balance	3,334,521	$ 2,987,343	2,721,261
2024 Canadian Acquisition \| Pipeline Infrastructure
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Equity interest		40.00%
Foreign Currency
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(53,607)	$ (65,408)	(67,103)
Unrealized gains (losses), net of tax	2,766	(2,949)	1,695
Consideration transferred in a foreign subsidiary	0	14,750	0
Ending balance	(50,841)	(53,607)	(65,408)
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	12,760	12,411	16,148
Unrealized gains (losses), net of tax	(5,952)	349	(3,737)
Consideration transferred in a foreign subsidiary	0	0	0
Ending balance	6,808	12,760	12,411
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(40,847)	(52,997)	(50,955)
Unrealized gains (losses), net of tax	(3,186)	(2,600)	(2,042)
Consideration transferred in a foreign subsidiary	0	14,750	0
Ending balance	$ (44,033)	$ (40,847)	$ (52,997)

Stock-Based Compensation and Other Employee Benefit Plans - Employee Stock Purchase Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares purchased (in shares)	72,278	95,374	119,450
Employee Stock Purchase Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock-based awards	$ 10.3	$ 8.2	$ 8.5
Compensation expense	$ 1.8	$ 1.5	$ 1.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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+ Details

Income Taxes - Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Examination [Line Items]
Federal taxes	$ 25,000
Foreign taxes	2,400
Income taxes paid, net of refunds	44,376	$ 43,953	$ 9,608
Virginia
Income Tax Examination [Line Items]
State taxes	3,800
Pennsylvania
Income Tax Examination [Line Items]
State taxes	2,500
Other state jurisdictions
Income Tax Examination [Line Items]
State taxes	$ 10,700

Commitments and Contingencies - Investment and Strategic Arrangements (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2025 USD ($) constructionProject	Dec. 31, 2025 CAD ($) constructionProject	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CAD ($)
Commitments and Contingencies [Line Items]
Number of joint ventures \| constructionProject		9	9
Proportionately Consolidated Non-Controlled Joint Venture
Commitments and Contingencies [Line Items]
Payments for advance to affiliate \| $	$ 0.5
Proportionately Consolidated Non-Controlled Joint Venture \| Performance and Payment Bonds
Commitments and Contingencies [Line Items]
Outstanding bonds, amount		$ 7.1	$ 9.7	$ 6.7	$ 9.7
Joint Ventures That Provide Electrical Transmission Infrastructure Services \| Minimum \| Proportionately Consolidated Non-Controlled Joint Venture
Commitments and Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage		85.00%	85.00%
Joint Ventures That Provide Electrical Transmission Infrastructure Services \| Maximum \| Proportionately Consolidated Non-Controlled Joint Venture
Commitments and Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage		90.00%	90.00%
Joint Venture Civil Construction Project \| Minimum \| Proportionately Consolidated Non-Controlled Joint Venture
Commitments and Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage		25.00%	25.00%
Joint Venture Civil Construction Project \| Maximum \| Proportionately Consolidated Non-Controlled Joint Venture
Commitments and Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage		50.00%	50.00%
Canadian Joint Venture \| Proportionately Consolidated Non-Controlled Joint Venture
Commitments and Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage		35.00%	35.00%

Fair Value Measures and Disclosures (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

The following table, which may contain slight summation differences due to rounding, provides a reconciliation of changes in Earn-out liabilities measured at fair value for the periods indicated (in millions):


	Year Ended December 31,
	2025		2024		2023
Balance as of beginning of period (a)	$	112.7	$	77.4	$	127.4
Additions	12.8		56.1		1.4

Fair value adjustments (b)	(3.5)		5.2		(12.6)
Payments	(49.4)		(26.1)		(38.8)
Balance as of end of period (a)	$	72.6	$	112.7	$	77.4

(a)Earn-out liabilities included within other current liabilities totaled approximately $28.2 million and $70.0 million as of December 31, 2025 and 2024, respectively.

Equity Method Investments

The table below reflects the investment activity of the Waha JVs for the dates indicated (in millions):


	Year Ended December 31,
	2025		2024		2023
Equity in earnings (a)	$	32.9	$	30.8	$	30.3
Distributions of earnings (b)	24.4		18.0		15.4

(a)Equity in earnings related to the Company’s proportionate share of income from the Waha JVs is included within the Company’s Other segment.

(b)Distributions of earnings from the Waha JVs are included within operating cash flows.

Debt - 4.50% Senior Notes (Details) - 4.500% Senior Notes - Senior Notes - USD ($) $ in Millions	19 Months Ended	96 Months Ended
	Aug. 15, 2023	Aug. 15, 2028	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)			4.50%
Long-term debt obligations			$ 600.0	$ 600.0
Debt instrument, change of control, redemption price, percent	101.00%
Long-term debt, fair value			$ 595.7	$ 581.9
Forecast
Debt Instrument [Line Items]
Debt instrument, minimum percentage of principal required to redeem in the event of default		30.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Acquisitions, Goodwill and Other Intangible Assets, Net - Rollforward of Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Intangible Assets [Line Items]
Other intangible assets, gross			$ 1,413,200
Accumulated amortization			(628,900)
Other Intangible Assets [Roll Forward]
Other intangible assets, net, beginning balance	$ 727,366	$ 784,300
Additions from new business combinations	58,200	84,200
Currency translation adjustments	1,800	(1,200)
Amortization expense	(131,200)	(139,900)
Other intangible assets, net, ending balance	$ 656,248	727,366
Remaining weighted average amortization, in years
Other Intangible Assets [Roll Forward]
Remaining weighted average amortization period (in years)	11 years
Customer Relationships and Backlog
Other Intangible Assets [Line Items]
Other intangible assets, gross			1,096,600
Accumulated amortization			(529,300)
Other Intangible Assets [Roll Forward]
Other intangible assets, net, beginning balance	$ 534,200	567,300
Additions from new business combinations	54,300	81,000
Currency translation adjustments	1,200	0
Amortization expense	(105,300)	(114,100)
Other intangible assets, net, ending balance	$ 484,400	534,200
Customer Relationships and Backlog \| Remaining weighted average amortization, in years
Other Intangible Assets [Roll Forward]
Remaining weighted average amortization period (in years)	11 years
Trade Names
Other Intangible Assets [Line Items]
Other intangible assets, gross			229,000
Accumulated amortization			(49,800)
Other Intangible Assets [Roll Forward]
Other intangible assets, net, beginning balance	$ 163,000	179,200
Additions from new business combinations	2,100	3,200
Currency translation adjustments	100	0
Amortization expense	(20,600)	(19,400)
Other intangible assets, net, ending balance	$ 144,600	163,000
Trade Names \| Remaining weighted average amortization, in years
Other Intangible Assets [Roll Forward]
Remaining weighted average amortization period (in years)	11 years
Other
Other Intangible Assets [Line Items]
Other intangible assets, gross			87,600
Accumulated amortization			(49,800)
Other Intangible Assets [Roll Forward]
Other intangible assets, net, beginning balance	$ 30,200	37,800
Additions from new business combinations	1,800	0
Currency translation adjustments	500	(1,200)
Amortization expense	(5,300)	(6,400)
Other intangible assets, net, ending balance	$ 27,200	30,200
Other \| Remaining weighted average amortization, in years
Other Intangible Assets [Roll Forward]
Remaining weighted average amortization period (in years)	7 years
Trade Names
Other Intangible Assets [Roll Forward]
Other intangible assets, non-amortizing		$ 34,500	$ 34,500
Useful life		12 years

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total MasTec, Inc. Shareholders’ Equity	Common Stock	Treasury Stock	Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Loss	Non-Controlling Interests
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2022			98,615,105
Beginning balance at Dec. 31, 2022	$ 2,741,187	$ 2,737,329	$ 9,862	$ (663,910)	$ 1,246,590	$ 2,195,742	$ (50,955)	$ 3,858
Beginning balance, treasury shares (in shares) at Dec. 31, 2022				(19,933,055)
Consolidated Statements of Equity
Net income (loss)	(47,296)	(49,949)				(49,949)		2,653
Other comprehensive income (loss)	(2,042)	(2,042)					(2,042)
Non-cash stock-based compensation	33,335	33,335			33,335
Issuance of restricted shares, net (in shares)			592,553
Issuance of restricted shares, net	0	0	$ 59		(59)
Shares withheld for taxes, net of other stock issuances (in shares)			(118,636)
Shares withheld for taxes, net of other stock issuances	(5,448)	(5,448)	$ (12)		(5,436)
Issuance of shares in connection with acquisition (in shares)			4,112
Issuance of shares in connection with acquisition	403	403			403
Distributions to non-controlling interests, net	(2,818)							(2,818)
Purchase of non-controlling interests (in shares)				120,000
Purchase of non-controlling interests	(10,000)	(7,476)		$ 3,997	(11,473)			(2,524)
Sale of minority interest in subsidary / Consideration transferred in a foreign subsidary	7,112							7,112
Non-controlling interests assumed related to acquisitions	6,828							6,828
Ending balance, common shares outstanding (in shares) at Dec. 31, 2023			99,093,134
Ending balance at Dec. 31, 2023	2,721,261	2,706,152	$ 9,909	$ (659,913)	1,263,360	2,145,793	(52,997)	15,109
Ending balance, treasury shares (in shares) at Dec. 31, 2023				(19,813,055)
Consolidated Statements of Equity
Net income (loss)	199,421	162,788				162,788		36,633
Other comprehensive income (loss)	(2,600)	(2,600)					(2,600)
Non-cash stock-based compensation	32,672	32,672			32,672
Forfeiture of restricted shares, net (in shares)			(30,672)
Forfeiture of restricted shares, net	0	0	$ (3)		3
Shares withheld for taxes, net of other stock issuances (in shares)			(33,451)
Shares withheld for taxes, net of other stock issuances	(2,946)	(2,946)	$ (3)		(2,943)
Issuance of shares in connection with acquisition (in shares)				93,259
Issuance of shares in connection with acquisition	13,199	13,199		$ 3,106	10,093
Distributions to non-controlling interests, net	(32,943)							(32,943)
Sale of minority interest in subsidary / Consideration transferred in a foreign subsidary	20,092	2,592			(12,158)		14,750	17,500
Non-controlling interests assumed related to acquisitions	$ 39,187							39,187
Ending balance, common shares outstanding (in shares) at Dec. 31, 2024	99,029,011		99,029,011
Ending balance at Dec. 31, 2024	$ 2,987,343	2,911,857	$ 9,903	$ (656,807)	1,291,027	2,308,581	(40,847)	75,486
Ending balance, treasury shares (in shares) at Dec. 31, 2024	(19,719,796)			(19,719,796)
Consolidated Statements of Equity
Net income (loss)	$ 422,014	399,042				399,042		22,972
Other comprehensive income (loss)	(1,903)	(3,186)					(3,186)	1,283
Non-cash stock-based compensation	34,002	34,002			34,002
Issuance of restricted shares, net (in shares)			333,408
Issuance of restricted shares, net	0		$ 33		(33)
Shares withheld for taxes, net of other stock issuances (in shares)			(42,503)
Shares withheld for taxes, net of other stock issuances	(5,080)	(5,080)	$ (4)		(5,076)
Distributions to non-controlling interests, net	$ (24,529)							(24,529)
Acquisition of treasury stock, at cost (in shares)	(702,533)			(702,533)
Acquisition of treasury stock, at cost	$ (77,326)	(77,326)		$ (77,326)
Ending balance, common shares outstanding (in shares) at Dec. 31, 2025	99,319,916		99,319,916
Ending balance at Dec. 31, 2025	$ 3,334,521	$ 3,259,309	$ 9,932	$ (734,133)	$ 1,319,920	$ 2,707,623	$ (44,033)	$ 75,212
Ending balance, treasury shares (in shares) at Dec. 31, 2025	(20,422,329)			(20,422,329)

Business, Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Supplier Finance Program

The following table presents the change in the supplier financing obligation for the year ended December 31, 2025 (in millions):


	Year ended December 31, 2025
Confirmed obligations outstanding at the beginning of the year	$	12.4
Invoices confirmed	711.5
Confirmed invoices paid	(598.3)
Confirmed obligations outstanding at the end of the year	$	125.6

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

The following table provides details of property and equipment, net, including property and equipment held under finance leases as of the dates indicated (in millions):


	December 31,
	2025		2024		Estimated Useful Lives (in years)
Land	$	65.3	$	67.4
Buildings and leasehold improvements	101.2		100.5		5	-	40
Machinery, equipment and vehicles	3,295.8		3,022.4		2	-	20
Office equipment, furniture and internal-use software	375.9		349.2		3	-	7
Construction in progress	49.1		32.5
Total property and equipment	$	3,887.3	$	3,572.0
Less accumulated depreciation and amortization	(2,158.8)		(2,023.1)
Property and equipment, net	$	1,728.5	$	1,548.9

Other Retirement Plans - Schedule of Covered Employees and Contributions, Multiemployer Plans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) employee	Dec. 31, 2024 USD ($) employee	Dec. 31, 2023 USD ($) employee
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Total multiemployer pension plan contributions	$ 180.6	$ 150.4	$ 177.5
Pension
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Total multiemployer pension plan contributions	119.3	108.6	118.4
Other Multiemployer
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Total multiemployer pension plan contributions	$ 61.3	$ 41.8	$ 59.1
Low
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plans, covered employees (in number of employees) \| employee	6,840	6,960	6,806
High
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plans, covered employees (in number of employees) \| employee	10,060	9,448	11,025

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt - Term Loan Facilities (Details) - USD ($) $ in Millions		12 Months Ended
	Jun. 26, 2025	Dec. 31, 2025	Dec. 31, 2024
6.625% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 74.9
Long-term debt obligations		72.3	$ 71.6
Long-term debt		$ 72.3	$ 71.6
Debt instrument, interest rate (percentage)		6.625%	6.625%
Unsecured Debt \| 2025 Term Loan Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600.0
Unsecured Debt \| 2025 Term Loan Facility \| Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Line of credit facility, interest rate description	1.00%
Unsecured Debt \| 2025 Term Loan Facility \| Credit Facility \| Base Rate
Debt Instrument [Line Items]
Line of credit facility, interest rate description	0.50%
Unsecured Debt \| 2025 Term Loan Facility \| Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Line of credit facility, interest rate description	1.00%
Unsecured Debt \| 2025 Term Loan Facility \| Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Line of credit facility, interest rate description	1.50%
Unsecured Debt \| 2025 Term Loan Facility \| Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Line of credit facility, interest rate description	0.50%
Unsecured Debt \| Existing Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 328.1
Unsecured Debt \| New Term Loan Facility, Three-Year Tranche \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount			$ 400.0
Unsecured Debt \| New Term Loan Facility, Three-Year Tranche \| Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Line of credit facility, interest rate description	1.125%
Unsecured Debt \| New Term Loan Facility, Three-Year Tranche \| Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Line of credit facility, interest rate description	0.125%
Unsecured Debt \| New Term Loan Facility, Three-Year Tranche \| Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Line of credit facility, interest rate description	1.625%
Unsecured Debt \| New Term Loan Facility, Three-Year Tranche \| Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Line of credit facility, interest rate description	0.625%
Term loan \| Credit Facility
Debt Instrument [Line Items]
Long-term debt obligations		$ 0.0	332.5
Debt instrument, term	5 years
Line of credit facility, interest rate at period end		4.85%
Term loan \| 2025 Term Loan Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt obligations		$ 600.0	0.0
Term loan \| 2025 Term Loan Facility, Five-Year Tranche \| Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 277.5
Term loan \| Five-Year Term Loan Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt obligations		$ 0.0	$ 285.0
Debt instrument, term		5 years
Term loan \| New Term Loan Facility, Three-Year Tranche \| Credit Facility
Debt Instrument [Line Items]
Debt instrument, term			3 years

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 396,030	$ 399,903
Accounts receivable, net of allowance	1,540,263	1,381,462
Contract assets	2,001,913	1,555,807
Inventories, net	112,465	107,345
Prepaid expenses	183,575	118,888
Other current assets	94,833	89,125
Total current assets	4,329,079	3,652,530
Property and equipment, net	1,728,470	1,548,916
Operating lease right-of-use assets	457,270	396,151
Goodwill, net	2,248,992	2,203,077
Other intangible assets, net	656,248	727,366
Other long-term assets	503,483	447,235
Total assets	9,923,542	8,975,275
Current liabilities:
Current portion of long-term debt, including finance leases	154,311	186,095
Current portion of operating lease liabilities	175,649	146,183
Accounts payable	1,280,897	1,105,747
Accrued salaries and wages	248,266	205,152
Other accrued expenses	540,778	455,043
Contract liabilities	747,730	735,625
Other current liabilities	123,414	165,854
Total current liabilities	3,271,045	2,999,699
Long-term debt, including finance leases	2,176,372	2,038,017
Long-term operating lease liabilities	292,839	261,303
Deferred income taxes	478,156	362,772
Other long-term liabilities	370,609	326,141
Total liabilities	6,589,021	5,987,932
Commitments and contingencies (Note 15)
Equity
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none	0	0
Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 99,319,916 and 99,029,011 (including 1,038,778 and 1,130,020 of unvested stock awards) as of December 31, 2025 and 2024, respectively	9,932	9,903
Capital surplus	1,319,920	1,291,027
Retained earnings	2,707,623	2,308,581
Accumulated other comprehensive loss	(44,033)	(40,847)
Treasury stock, at cost: 20,422,329 and 19,719,796 shares as of December 31, 2025 and 2024, respectively	(734,133)	(656,807)
Total MasTec, Inc. shareholders’ equity	3,259,309	2,911,857
Non-controlling interests	75,212	75,486
Total equity	3,334,521	2,987,343
Total liabilities and equity	$ 9,923,542	$ 8,975,275

Business, Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	In the first quarter of 2025, the Company made changes to its Communications and Power Delivery segment structures to more closely align with the segments’ end markets and to better correspond with the operational management reporting structures of both segments. These changes included moving a component with utility operations previously reported in the Communications segment to the Power Delivery segment. These changes did not impact the Company’s consolidated financial statements, but did impact its reportable segments, including historical financial information. See Note 14 - Segments and Related Information for additional information pertaining to the Company’s reportable segments. The segments are reported on a comparable basis for all periods presented.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity. Net income or loss attributable to non-controlling interests is reported as “Net income attributable to non-controlling interests” in the consolidated statements of operations. Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. When appropriate, prior year amounts are reclassified to conform with the current period presentation.
Translation of Foreign Currencies	Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates and revenue and expenses are translated at average rates of exchange during the applicable period, with resulting translation gains or losses included within other comprehensive income or loss. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net. In these consolidated financial statements, “$” means U.S. dollars unless otherwise noted.
Management Estimates	Management Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions that management believes to be reasonable under the circumstances, including the potential future effects of macroeconomic trends and events, such as inflation and interest rate levels; uncertainty from potential market volatility; other market, industry and regulatory factors, including uncertainty related to the implementation and pace of governmental programs and initiatives and project permitting issues, and other regulatory matters or uncertainty; evolving trade and immigration policies; supply chain disruptions; climate-related matters; global events, such as military conflicts; and public health matters. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from these estimates if conditions change or if certain key assumptions used in making these estimates ultimately prove to be inaccurate. Key estimates include: the recognition of revenue and project profit or loss, which the Company defines as project revenue less project costs of revenue, including project-related depreciation, in particular, on construction contracts accounted for under the cost-to-cost method, for which the recorded amounts require estimates of costs to complete and the amount and probability of variable consideration included in the contract transaction price; fair value estimates, including those related to goodwill and intangible assets, long-lived and other assets, equity investments, financial instruments, acquisition-related liabilities, including contingent consideration, other liabilities and debt obligations; useful lives of long-lived assets; self-insurance liabilities; allowances for credit losses; certain other accruals and allowances; income taxes; and the estimated effects of litigation and other contingencies.
Revenue Recognition	Revenue Recognition The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. For the years ended December 31, 2025, 2024 and 2023, consolidated revenue totaled approximately $14.3 billion, $12.3 billion and $12.0 billion, respectively. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master service and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which may be subject to one or multiple pricing models, including fixed price, unit price, time and materials, or cost plus a markup. Revenue derived from projects performed under master service and other service agreements totaled 44%, 41% and 40% of consolidated revenue for the years ended December 31, 2025, 2024 and 2023, respectively. Revenue from contracts for specific projects, as well as for certain projects pursuant to master and other service agreements, is typically recognized over time using the cost-to-cost measure of progress, which is an input method. Such contracts provide that the customer accept completion of progress to date and compensate the Company for services rendered. For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and certain other wireless services in the Company’s Communications segment. Point in time revenue is recognized when the work order has been fulfilled, which, for the majority of the Company’s point in time revenue, is the same day it is initiated. Point in time revenue accounted for approximately 1% of consolidated revenue for the year ended December 31, 2025, and totaled approximately 2% for both the years ended December 31, 2024 and 2023. Contract costs include all direct materials, labor, equipment and subcontracted costs, as well as indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and the operational costs of capital equipment. Cost estimation processes used for recognizing revenue over time under the cost-to-cost method require management to make significant assumptions and judgments. Total transaction price and cost estimation processes are based primarily on the professional knowledge and experience of the Company’s project managers, operational and financial professionals, and other professional expertise, as warranted. Management reviews estimates of total contract transaction price and costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of the estimated amount and probability of variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s profit recognition. Changes in these factors could result in revisions to the amount of revenue recognized in the period in which the revisions are determined, which revisions could materially affect the Company’s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are estimated based on management’s experience and judgment. In each of the years ended December 31, 2025, 2024 and 2023, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2024, 2023 and 2022. Changes in recognized revenue, net, as a result of changes in total contract transaction price estimates, including from variable consideration, and/or changes in cost estimates, related to performance obligations satisfied or partially satisfied in prior periods, for the years ended December 31, 2025, 2024 and 2023, positively affected revenue by approximately 0.8%, 0.1% and 0.2%, respectively. The Company may incur certain costs that can be capitalized, such as initial set-up or mobilization costs. Such capitalized costs, which are amortized over the life of the respective projects, were not material as of December 31, 2025 or 2024. The timing of customer billings is generally dependent upon advance billing terms, milestone billings based on completion of certain phases of work, or when services are provided. Under the typical payment terms of master and other service agreements and contracts for specific projects, the customer makes progress payments based on quantifiable measures of performance by the Company as defined by each specific agreement. Progress payments, generally net of amounts retained, are paid by the customer over the duration of the contract. For install-to-the-home and certain other contracts and services, work orders are billed and paid as completed. Amounts billed and due from customers, as well as the value of contract assets, are generally classified within current assets in the consolidated balance sheets. See Note 5 - Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities for related discussion. Amounts expected to be collected beyond one year are classified as other long-term assets. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The Company’s contracts often require significant services to integrate complex activities and equipment into a single deliverable, and are therefore generally accounted for as a single performance obligation, even when delivering multiple distinct services. Contract amendments and change orders, which are generally not distinct from the existing contract, are typically accounted for as a modification of the existing contract and performance obligation. When more than one contract is entered into with a customer on or close to the same date, the Company evaluates whether those contracts should be combined and accounted for as a single contract, as well as whether those contracts should be accounted for as one, or more than one, performance obligation. This evaluation requires significant judgment and is based on the facts and circumstances of the specific contracts. Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of December 31, 2025, the amount of the Company’s remaining performance obligations was $14.6 billion. Based on current expectations, the Company anticipates it will recognize approximately $9.3 billion, or 63.7%, of its remaining performance obligations as revenue during 2026, with the majority of the remaining balance expected to be recognized over the subsequent two year period. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. Variable consideration is included in the estimated transaction price if it is probable that when the uncertainty associated with the variable consideration is resolved, there will not be a significant reversal of the cumulative amount of revenue that has been recognized. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on discussions, correspondence or preliminary negotiations and past practices with the customer, engineering studies and legal advice and all other relevant information that is reasonably available at the time of the estimate. The effect of variable consideration on the transaction price of a performance obligation is recognized as an adjustment to revenue, typically on a cumulative catch-up basis, as such variable consideration, which typically pertains to changed conditions and scope, is generally for services encompassed under the existing contract. To the extent unapproved change orders, claims and other variable consideration reflected in transaction prices are not resolved in the Company’s favor, or to the extent incentives reflected in transaction prices are not earned, there could be reductions in, or reversals of, previously recognized revenue. As of December 31, 2025 and 2024, the Company’s contract transaction prices included approximately $229 million and $139 million, respectively, of change orders and/or claims for certain contracts that were in the process of being resolved in the ordinary course of its business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both December 31, 2025 and 2024, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments. The Company actively engages with its customers to complete the final approval process for such amounts and generally expects these processes to be completed within one year. Amounts ultimately realized upon final agreement by customers could be higher or lower than such estimated amounts.
Allowance for Credit Losses	Allowance for Credit Losses The Company maintains an allowance for credit losses for its financial instruments, which are primarily composed of accounts receivable and contract assets. The measurement and recognition of credit losses involves the use of judgment and incorporates management’s estimate of expected lifetime credit losses based on historical experience and trends, current conditions and reasonable and supportable forecasts. Management’s assessment of expected credit losses includes consideration of current and expected economic, market and industry factors affecting the Company’s customers, including their financial condition; the aging of account balances; historical credit loss experience; customer concentrations; customer credit-worthiness; availability of mechanics’ and other liens; and the existence of payment bonds and other sources of payment, among other factors. Management evaluates its experience with historical losses and then applies this historical loss ratio to financial assets with similar characteristics. The Company’s historical loss ratio or its determination of risk pools may be adjusted for changes in customer, economic, market or other circumstances. The Company may also establish an allowance for credit losses for specific receivables when it is probable that a specific receivable will not be collected and the loss can be reasonably estimated. Amounts are written off against the allowance when they are considered to be uncollectible, and reversals of previously reserved amounts are recognized if a specifically reserved item is settled for an amount exceeding the previous estimate. Estimates of expected credit losses could be affected by many factors, including, but not limited to: changes in credit loss experience, changes to the risk characteristics of the Company’s financial instrument portfolio, developing trends, including changes in management’s expectations of future economic, industry or other conditions and/or changes in credit quality or unanticipated financial difficulties affecting the Company’s customers. In addition, if anticipated recoveries in existing negotiations or bankruptcies fail to materialize, additional allowances may be required. Estimates of collectibility are subject to significant change during times of economic weakness or uncertainty in either the overall economy or within the industries served by MasTec. Management actively monitors these factors and assesses the sufficiency of its allowance for credit losses on an ongoing basis, including the potential effects of trends in end-market volatility and/or other macroeconomic factors on the credit quality of the Company’s customers and/or its financial assets, such as the current market environment of elevated interest rates and inflation.
Inventories	Inventories Inventories primarily consist of materials and supplies for construction and installation projects, which are valued at the lower of cost or net realizable value using the average cost or specific identification methods of costing. For materials or supplies purchased on behalf of specific customers or projects, loss of the customer or cancellation of the project could result in an impairment of the value of materials purchased. The value of inventory may also decrease due to obsolescence, physical deterioration, damage, changes in price levels, or other causes.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers highly liquid investments with original maturities of less than three months to be cash equivalents. The balances in certain of the Company’s bank accounts exceed federally insured limits. Cash and cash equivalents consist primarily of interest-bearing demand deposits that are maintained at financial institutions that management considers to be of high credit quality. Included in the Company’s cash balances as of December 31, 2025 and 2024 are amounts held by entities that are proportionately consolidated totaling $45.0 million and $46.7 million, respectively. These amounts are available to support the operations of those entities, but are not available for the Company’s other operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments are primarily composed of cash and cash equivalents, accounts receivable and contract assets, notes receivable, cash collateral deposited with insurance carriers, life insurance assets, equity investments, certain other assets and investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration and other liabilities, and debt obligations. Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability, also referred to as the “exit price,” in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: (i) Level 1 - quoted market prices in active markets for identical assets or liabilities; (ii) Level 2 - observable market-based inputs or other observable inputs, including quoted market prices for identical or similar assets or liabilities in markets that are not active; and (iii) Level 3 - significant unobservable inputs that cannot be corroborated by observable market data, which are generally determined using valuation models incorporating management estimates of market participant assumptions. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Management’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. Fair values of financial instruments are estimated using public market prices, quotes from financial institutions and other available information. Due to their short-term maturity, the carrying amounts of cash and cash equivalents, accounts receivable and contract assets, accounts payable and other current liabilities approximate their fair values, and management also believes that the carrying values of notes and other receivables, cash collateral deposited with insurance carriers and outstanding balances on the Company’s credit and term loan facilities approximate their fair values, based on their specific asset and/or liability characteristics, including having terms consistent with current market conditions.
Investments and Strategic Arrangements, Variable Interest Entities	Management determines whether each business entity in which it has equity interests, debt, or other investments constitutes a variable interest entity (“VIE”) based on the nature and characteristics of such arrangements. If an investment arrangement is determined to be a VIE, then management determines if the Company is the VIE’s primary beneficiary by evaluating several factors, including the Company’s: (i) risks and responsibilities; (ii) ownership interests; (iii) decision making powers; and (iv) financial interests, among other factors. If management determines the Company is the primary beneficiary of a VIE, then that VIE would be consolidated, with the other parties’ interests in the VIE accounted for as non-controlling interests. The primary beneficiary consolidating a VIE must normally have both (i) the power to direct the primary activities of the VIE and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE, which, in either case, could be significant to the VIE
Investments and Strategic Arrangements, Equity Method Investments	The Company’s investments in entities for which it does not have a controlling interest and is not the primary beneficiary, but for which it has the ability to exert significant influence, are accounted for using the equity method of accounting. Under the equity method of accounting, the initial investment is recorded at cost and the investment is subsequently adjusted for the Company’s proportionate share of earnings or losses, including consideration of basis differences resulting from the difference between the initial carrying amount of the investment and the underlying equity in net assets. Equity method investments are recorded as other long-term assets in the Company’s consolidated balance sheets. Income or loss from these investments is recorded as a separate line item in the consolidated statements of operations. Intercompany profits or losses associated with the Company’s equity method investments are eliminated until realized by the investee in transactions with third parties. Distributions received from equity method investees are reflected in the statements of cash flows using the nature of distributions approach, under which distributions are classified based on the nature of the activity that generated them.
Investments and Strategic Arrangements,, Unincorporated Entities, Proportional Consolidation	For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity.
Investments and Strategic Arrangements,, Other Equity Investments With Readily Determinable Fair Values	Equity investments, other than those accounted for as equity method investments or those that are proportionately consolidated, are measured at fair value if their fair values are readily determinable.
Investments and Strategic Arrangements,, Other Equity Investments Without Readily Determinable Fair Values	Equity investments that do not have readily determinable fair values are measured at cost, adjusted for changes from observable market transactions, if any, less impairment, which is referred to as the “adjusted cost basis.”
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs relate to the Company’s debt instruments, the short and long-term portions of which are reflected as deductions from the carrying amounts of the related debt instrument, including the Company’s senior unsecured credit facility. Deferred financing costs are amortized over the terms of the related debt instruments using the effective interest method.
Long Lived Assets, Property and Equipment	Purchased property and equipment is recorded at cost, or, if acquired in a business combination, at the acquisition date fair value. Finance lease assets are recognized based on the present value of minimum future lease payments. Certain costs incurred in connection with developing or obtaining internal-use software are capitalized within office equipment, furniture and internal-use software. Depreciation and amortization of property and equipment, including finance lease assets, is computed using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful lives of the improvements. Expenditures for repairs and maintenance are charged to expense as incurred. Expenditures for betterments and major improvements that extend the life of the related assets are capitalized and depreciated over the remaining useful lives of the assets. The carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the year of disposal. Gains or losses, net, from the sale of property and equipment are included within general and administrative expenses. When the Company identifies assets to be sold, those assets are valued based on their estimated fair value less costs to sell and classified as held-for-sale and depreciation is no longer recorded.
Long Lived Assets, Finite-Lived Intangible Assets	Other intangible assets are amortized over their useful lives, which are generally based on contractual or legal rights, in a manner consistent with the pattern in which the related benefits are expected to be consumed, or on a straight-line basis if that pattern cannot be reliably determined.
Long Lived Assets, Impairment of Long-Lived Assets	Management reviews long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared with the asset’s carrying amount to determine if there has been an impairment, which is calculated as the difference between the fair value of an asset and its carrying value. Estimates of future undiscounted cash flows are based on expected revenue and operating costs for the business as well as anticipated future economic conditions, which are Level 3 inputs.
Goodwill	Goodwill The Company has recorded goodwill in connection with its acquisitions of businesses. Goodwill is not amortized, but instead is tested for impairment at least annually. The Company performs its annual impairment test of goodwill during the fourth quarter of each year, or more frequently if events or circumstances arise which indicate that the fair value of a reporting unit with goodwill is below its carrying amount. See below for details of the Company’s impairment testing for the years ended December 31, 2025, 2024 and 2023. Goodwill is required to be tested for impairment at the reporting unit level. A reporting unit is an operating segment, or one level below the operating segment, which is referred to as a component. Management identifies its reporting units by assessing whether components (i) have discrete financial information available; (ii) engage in business activities; and (iii) have a segment manager that regularly reviews the component’s operating results. If two or more components are deemed economically similar, those components are aggregated into one reporting unit when performing the annual goodwill impairment test. All of the Company’s reporting units are each composed of one component.
Business Combinations	Business Combinations The determination of the fair value of net assets acquired in a business combination requires estimates and judgments of future cash flow expectations for the acquired business and the related identifiable tangible and intangible assets. Fair values of net assets acquired are calculated using expected cash flows and industry-standard valuation techniques. For current assets and current liabilities, book value is generally assumed to approximate fair value. Goodwill is the amount by which consideration paid for an acquired entity exceeds the fair value of its acquired net assets. A bargain purchase gain results when the fair value of an acquired entity’s net assets exceeds its purchase price, and is recorded within other income in the consolidated statements of operations. Acquisition costs are expensed as incurred and are included within general and administrative expenses in the consolidated statements of operations. Due to the time required to gather and analyze the necessary data for each acquisition, U.S. GAAP provides a “measurement period” of up to one year from the date of acquisition in which to finalize these fair value determinations. During the measurement period, preliminary fair value estimates may be revised if new information is obtained about the facts and circumstances existing as of the date of acquisition, or based on the final net assets and working capital of the acquired business, as prescribed in the applicable purchase agreement. Such adjustments may result in the recognition of, or an adjustment to the fair values of, acquisition-related assets and liabilities and/or consideration paid, and are referred to as measurement period adjustments. Measurement period adjustments are recorded to goodwill. Other changes to fair value estimates, including those relating to facts and circumstances that occur subsequent to the date of acquisition, are reflected as income or expense in the consolidated statement of operations, as appropriate. Consideration paid generally consists of cash and, from time to time, shares of the Company’s common stock, and potential future payments that are contingent upon the acquired business achieving certain levels of earnings in the future, also referred to as “acquisition-related contingent consideration” or “earn-outs.” Earn-out liabilities are measured at their estimated fair values as of the date of acquisition. Subsequent to the date of acquisition, if future Earn-out payments are expected to differ from Earn-out payments estimated as of the date of acquisition, any related fair value adjustments, including those related to finalization of completed earn-out arrangements, are recognized in the period that such expectation is considered probable. Changes in the fair value of Earn-out liabilities for the Company’s traditional earn-outs, other than those related to measurement period adjustments, as described above, are recorded within other income or expense in the consolidated statements of operations. Fair values of Earn-out liabilities are estimated using income approaches such as discounted cash flows or option pricing models, which are Level 3 inputs. Earn-out liabilities are included within other current and other long-term liabilities, as appropriate, within the consolidated balance sheets. Earn-out payments, to the extent they relate to estimated liabilities as of the date of acquisition, are classified within financing activities in the consolidated statements of cash flows. Earn-out payments in excess of acquisition date liabilities are classified within operating activities in the consolidated statement of cash flows.
Leases	Leases In the ordinary course of business, the Company enters into agreements that provide financing primarily for machinery, equipment, and vehicles, including certain related party leases. The Company reviews all agreements to determine if a leasing arrangement exists. When a leasing arrangement is identified, a determination is made at inception as to whether the lease is an operating or a finance lease. A lease exists when a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In determining whether a lease exists, the Company considers whether a contract provides both the right to obtain substantially all of the economic benefits from the use of an asset and the right to direct the use of the asset. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of the minimum future lease payments over the expected term of the lease. The Company’s lease assets are primarily concentrated in vehicles, machinery and equipment. Leases with an initial term of twelve months or less are classified as short-term leases and are not recognized in the consolidated balance sheets unless the lease contains a purchase option that is reasonably certain to be exercised, or unless it is reasonably certain that the equipment will be leased for greater than twelve months. The volume of lease activity for leases with an initial term of twelve months or less varies depending upon the number of ongoing projects at a given time, as well as the location and type of equipment required in connection with those projects. Lease payments for short-term leases are recognized on a straight-line basis over the lease term, and primarily relate to equipment used on construction projects, for which the rentals are based on daily, weekly or monthly rental rates, and typically contain termination for convenience provisions. Lease determinations are reassessed in the event of a change in lease terms. The Company has a limited number of sublease, equipment and other leasing arrangements, which are not considered material to the consolidated financial statements. As of December 31, 2025, the Company’s leases have remaining lease terms of up to 13 years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for 1 to 5 years for both equipment and facility leases. Certain lease agreements may also contain options to purchase the leased property and/or options to terminate the lease. In addition, lease agreements may include periodic adjustments to payment amounts for inflation or other variables, or may require payments for taxes, insurance, maintenance or other expenses, which are generally referred to as non-lease components. The Company accounts for non-lease components together with the related lease components for all classes of leased assets. The Company’s lease agreements do not contain significant residual value guarantees or material restrictive covenants. Lease term, discount rate, variable lease costs and future minimum lease payment determinations require the use of judgment, and are based on the facts and circumstances of each lease. Economic incentives, intent, past history and business needs are among the factors considered to determine if renewal and/or purchase options are reasonably certain to be exercised. The majority of the Company’s lease agreements do not explicitly state the discount rate implicit in the lease, therefore, the Company generally uses an incremental borrowing rate to determine the value of its lease obligations. The incremental borrowing rate represents the rate of interest that would be paid to borrow on a collateralized basis over a similar term. The Company determines its incremental borrowing rate using a portfolio approach based on information available as of the lease commencement date, including applicable lease terms and the current economic environment. Finance Leases. Finance lease assets are recorded within property and equipment, with a corresponding amount recorded within the Company’s debt obligations. Finance lease expense is composed of depreciation expense on the leased asset and interest on the lease liability. Additions to finance leases are included within the supplemental disclosures of non-cash information in the consolidated statements of cash flows. Many of the Company’s finance leases contain a purchase option which the Company is reasonably certain to exercise at the end of the lease term, given that the purchase option prices are typically below the estimated fair market values of the related assets. Operating Leases. Operating lease right-of-use assets and liabilities are recorded on the consolidated balance sheets, with the related lease expense recognized over the term of the lease on a straight-line basis. Operating lease expense is recorded as rent expense, primarily within costs of revenue, excluding depreciation and amortization. Fixed costs for operating leases are composed of initial base rent amounts plus any fixed annual increases. Variable costs for operating leases consist primarily of common area maintenance expenses and taxes for facility leases. Certain of the Company’s operating leases contain purchase options, for which the purchase option price is generally considered to be at fair market value. From time to time, the Company may terminate a lease before the end of the lease term. Payments related to such early lease terminations are generally recorded within general and administration expenses.
Supplier Financing Program	Supplier Financing Program The Company has provided certain of its suppliers with access to a supplier finance program administered through a third party, which facilitates participating suppliers’ ability to finance payments due from the Company through third-party financial institutions. Participating suppliers may, at their sole discretion, receive payment of the Company’s obligation prior to the scheduled due dates, at a discounted price from the third party. The Company agrees to pay the financial institution the stated amount generally within 60 days of receipt of the invoice. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier’s decision to finance amounts under these arrangements. The Company does not have pledged assets or other guarantees under the program. The Company’s outstanding payment obligations are recorded within accounts payable in the consolidated balance sheets and the associated payments are included within operating activities in the consolidated statements of cash flows.
Self-Insurance	Self-Insurance The Company is self-insured up to the amount of its deductible for its insurance policies. MasTec maintains insurance policies subject to per claim deductibles of $2.0 million for its workers’ compensation policy and $25.0 million for each of its general liability and automobile liability policies. In addition, the Company also maintains excess umbrella coverage. The Company manages certain of its insurance liabilities indirectly through its wholly-owned captive insurance company, which reimburses claims up to the applicable insurance limits. Cash balances held by the Company’s captive insurance company are generally not available for use in the Company’s other operations. Estimated liabilities under the Company’s insurance programs are accrued based upon management’s estimates of the ultimate liability for claims reported and an estimate of claims incurred but not reported, with assistance from third-party actuaries. For claims in excess of the deductible amounts, the Company records a receivable representing estimated recoveries associated with workers’ compensation, general liability and automobile claims. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses of $0.6 million. MasTec’s estimated liability for employee group medical claims is based on statistical analysis of historical claims experience and specific knowledge of actual losses that have occurred. The Company is required to post collateral, generally in the form of letters of credit, surety bonds and cash to certain of its insurance carriers. Cash collateral deposited with insurance carriers is included in other long-term assets in the consolidated balance sheets. The present value of the Company’s self-insurance liability is reflected in the consolidated balance sheets within current and other long-term liabilities, as appropriate. The determination of such claims and expenses and the appropriateness of the related liability is reviewed and updated quarterly. These insurance liabilities are, however, difficult to assess and estimate due to many factors, the effects of which are often unknown or difficult to estimate, including the severity of an injury or an incident, the determination of the Company’s liability in proportion to other parties and the number of incidents not reported. Accruals are based upon known facts, historical trends and claims experience, loss development patterns and other actuarial assumptions. Although management believes its accruals are adequate, a change in experience or actuarial or management assumptions could materially affect the Company’s results of operations in a particular period.
Income Taxes	Income Taxes The Company records income taxes using the asset and liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement and income tax basis of the Company’s assets and liabilities. Income taxes are estimated in each of the jurisdictions in which the Company operates. This process involves estimating the tax exposure, together with assessing temporary differences resulting from differing treatment of items, such as deferred revenue, for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included, net, within the consolidated balance sheets as long-term assets or liabilities, as appropriate. The recording of a deferred tax asset assumes the realization of such asset in the future. Otherwise, a valuation allowance is recorded to reduce the asset to its estimated net realizable value. If management determines that the Company may not be able to realize all or part of a deferred tax asset in the future, a valuation allowance for the deferred tax asset is charged to income tax expense in the period the determination is made. Management considers future pretax income and ongoing prudent and feasible tax planning strategies in assessing the estimated net realizable value of tax assets and the corresponding need for any related valuation allowances. In determining the provision for income taxes, management uses an effective tax rate based on annual pre-tax income, statutory tax rates, permanent tax differences and tax planning opportunities in the various jurisdictions in which the Company operates. The Company is generally free of additional U.S. federal tax consequences on distributed foreign subsidiary earnings. The Company has generally not provided for U.S. income taxes on unremitted foreign earnings because such earnings are considered to be insignificant. Significant factors that can affect the Company’s annual effective tax rate include management’s assessment of certain tax matters, the location and amount of taxable earnings, changes in certain non-deductible expenses and expected credits. An entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold. In the ordinary course of business, there is inherent uncertainty in quantifying income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based on management's evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company has recognized the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the Company's financial statements. The Company and its subsidiaries file income tax returns in numerous tax jurisdictions, including U.S. federal, most U.S. states and certain foreign jurisdictions. Although management believes its calculations for its tax returns are accurate and the positions taken thereon are reasonable, the final outcome of income tax examinations could be materially different from the resolution management currently anticipates and the estimates that are reflected in the Company’s consolidated financial statements, which could materially affect the Company’s results of operations, cash flows and liquidity in a particular period. To the extent interest and penalties are assessed by taxing authorities, such amounts are accrued and included within income tax expense.
Income Taxes, Income Tax Uncertainties	An entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold. In the ordinary course of business, there is inherent uncertainty in quantifying income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based on management's evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company has recognized the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the Company's financial statements.
Stock-Based Compensation	Stock-Based Compensation The Company has certain stock-based compensation plans, under which restricted stock awards and restricted stock units (together, “restricted shares”) are available for issuance to eligible participants. Non-cash stock-based compensation expense is included within general and administrative expense in the consolidated statements of operations. Share-based payments, to the extent they are compensatory, are recognized based on their grant date fair values. Forfeitures are recorded as they occur. The Company records a deferred tax asset, or future tax benefit, based on the amount of share-based compensation recognized in the financial statements over the vesting period of share-based awards. The tax effects of differences between the fair value of a share-based award on the date of vesting and the date of grant, also referred to as excess tax benefits or tax deficiencies, are recognized within the provision for income taxes in the period such vesting occurs. Grants of restricted shares are valued based on the closing market share price of MasTec’s common stock as reported on the New York Stock Exchange (the “market price”) on the date of grant. Compensation expense arising from restricted shares is recognized on a straight-line basis over the vesting period. Grants of restricted shares have cliff vesting terms, which generally vest over a period of three years. Upon vesting, some of the underlying shares may be sold to cover the required tax withholdings. Some participants may choose the net share settlement method to cover withholding tax requirements, in which case shares are not issued, but are treated as common stock repurchases in the consolidated financial statements, as they reduce the number of shares that would have been issued upon vesting. The Company then pays the corresponding withholding taxes to the appropriate taxing authorities in cash on behalf of the recipient. Withheld shares, which are valued at the market price on the trading day preceding the vesting date, are recorded as a reduction to additional paid-in capital, and related payments to taxing authorities are reflected within financing activities in the consolidated statements of cash flows. For the years ended December 31, 2025, 2024 and 2023, shares withheld in connection with stock-based compensation arrangements totaled 42,503, 33,451 and 118,636, respectively, and related payments to taxing authorities totaled $5.6 million, $2.9 million and $10.3 million, respectively. The Company has certain employee stock purchase plans (collectively, “ESPPs”) under which shares of the Company’s common stock are available for purchase by eligible participants. Under the ESPPs, eligible participants are permitted to purchase MasTec, Inc. common stock at 85% of the fair market value of the shares on the date of purchase, which occurs on the last trading day of each two week offering period. At the Company’s discretion, share purchases may be satisfied by delivering either newly issued common shares, or common shares reacquired on the open market or in privately negotiated transactions.
Collective Bargaining Agreements and Multiemployer Plans	Collective Bargaining Agreements and Multiemployer Plans Certain of MasTec’s subsidiaries, including certain subsidiaries in Canada, are party to various collective bargaining agreements with unions representing certain of their employees. These agreements require the subsidiaries party to the agreements to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to multiemployer pension and other multiemployer benefit plans and trusts (“MEPPs”). These contributions are recorded as a component of employee wages and salaries within costs of revenue, excluding depreciation and amortization. Contributions are generally based on fixed amounts per hour per employee for employees covered under these plans. Multiemployer plan contribution rates are determined annually and are assessed on a “pay-as-you-go” basis based on union employee payrolls. The Pension Protection Act of 2006, as amended (the “PPA”), requires underfunded pension plans to improve their funding ratios within prescribed intervals based on their level of underfunding, under which benefit reductions may apply and/or participating employers could be required to make additional contributions. In addition, if a multiemployer defined benefit plan fails to satisfy certain minimum funding requirements, the Internal Revenue Service (the “IRS”) can impose on the employers contributing to such plans a non-deductible excise tax of 5% of the amount of the accumulated funding deficiency. Union payrolls cannot be determined for future periods because the number of union employees employed at a given time, and the plans in which they participate, vary depending upon the location and number of ongoing projects and the need for union resources in connection with those projects. The collective bargaining agreements expire at various times and have typically been renegotiated and renewed on terms similar to the ones contained in the expiring agreements. Under current law pertaining to employers that are contributors to U.S.-registered multiemployer defined benefit plans, a plan’s termination, an employer’s voluntary withdrawal from, or the mass withdrawal of contributing employers from, an underfunded multiemployer defined benefit plan requires participating employers to make payments to the plan for their proportionate share of the multiemployer plan’s unfunded vested liabilities. These liabilities include an allocable share of the unfunded vested benefits of the plan for all plan participants, not only for benefits payable to participants of the contributing employer. As a result, participating employers may bear a higher proportion of liability for unfunded vested benefits if the other participating employers cease to contribute to, or withdraw from, the plan. The allocable portion of liability to participating employers could be more disproportionate if employers that have withdrawn from the plan are insolvent, or if they otherwise fail to pay their proportionate share of the withdrawal liability. If the Company is subject to a withdrawal liability, the related withdrawal charge is recorded as a component of employee wages and salaries within costs of revenue, excluding depreciation and amortization, with any related liability recorded within other current and/or other long-term liabilities, as appropriate. The Company’s participation in the multiemployer pension plans is evaluated by management on an ongoing basis.
Litigation and Contingencies	Litigation and Contingencies Accruals for litigation and contingencies are reflected in the consolidated financial statements based on management’s assessment, including advice of legal counsel, of the expected outcome of litigation or other dispute resolution proceedings and/or the expected resolution of contingencies. Costs incurred for litigation are expensed as incurred. Liabilities for estimated losses are accrued if the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount is reasonably estimable. Accruals are based on information available at the time of the assessment due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations in a given period.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income or loss is a measure of net income and other changes in equity that result from transactions other than those with shareholders. Comprehensive income or loss and related accumulated comprehensive income or loss balances consist of net income, foreign currency translation adjustments, primarily from fluctuations in foreign currency exchange rates of the Company’s foreign subsidiaries with a functional currency other than the U.S. dollar, and unrealized gains and losses from certain investment activities.
Recent Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements See the recent accounting pronouncements discussion below for information pertaining to the effects of recently adopted and other recent accounting pronouncements. Accounting Pronouncements Adopted in 2025 In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”) to clarify existing guidance and reduce diversity in practice in the accounting for joint ventures. ASU 2023-05 addressed the accounting for contributions made to a joint venture upon formation in a joint venture’s separate financial statements. The provisions of this ASU required that a joint venture initially measure all contributions received upon its formation at fair value, largely consistent with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”). The amendments in this ASU were not applicable to the formation of proportionately consolidated joint ventures. ASU 2023-05 was effective prospectively for all joint ventures with a formation date on or after January 1, 2025, with early adoption permitted on a retrospective basis for joint ventures formed before January 1, 2025. The Company adopted this ASU prospectively in the first quarter of 2025, and its adoption did not have a material effect on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires greater standardization and disaggregation of categories within an entity’s tax rate reconciliation disclosure, as well as disclosure of income taxes paid by jurisdiction, among other requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 was effective on a prospective basis, with retrospective application permitted. The Company adopted this ASU prospectively as of and for the year-ended December 31, 2025, and its adoption only impacted the Company’s disclosures, and did not have a material effect on its consolidated financial statements or results of operations. See Note 13 - Income Taxes for additional information. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) to enhance the transparency and clarity of the components of specific expense categories in the income statement. ASU 2024-03 requires disclosure of additional information about specific expense categories underlying certain income statement expense line items. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses: Clarifying the Effective Date to clarify that all public business entities are required to adopt the guidance in annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03, and its related clarifying ASU, should be applied prospectively, with retrospective application permitted. The Company is currently evaluating the impact this ASU will have on its disclosures. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”). ASU 2025-03 clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a variable interest entity that meets the definition of a business. ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. ASU 2025-03 is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. The Company does not expect that this ASU will have a material effect on its consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides a practical expedient that permits an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, with early adoption permitted. The amendments in ASU 2025-05 should be applied prospectively. The Company does not expect that this ASU will have a material effect on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 modernizes the accounting for internal-use software by eliminating the previous stage-based capitalization model so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The amendments in ASU 2025-06 should be applied prospectively, with retrospective application or a modified transition approach permitted. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 improves existing guidance within ASC Topic 270 by clarifying the scope and applicability of the standard and by providing a comprehensive list of interim disclosure requirements. ASU 2025-11 also establishes a principle to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements.

Debt - Schedule of Contractual Maturities of Debt and Finance Lease Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Contractual Maturities of Debt and Finance Lease Obligations
2026	$ 154.3
2027	108.0
2028	1,284.1
2029	668.5
2030	130.2
Thereafter	0.5
Total debt obligations	2,345.6	$ 2,238.7
Debt instruments, accrued interest payable	$ 16.0	$ 20.8

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

The following table provides details of the carrying values of debt as of the dates indicated (in millions):


		December 31,
Description	Maturity Date	2025		2024
Senior credit facility:	June 26, 2030
Revolving loans		$	118.0	$	43.1
Term loan (a)		—		332.5
4.500% Senior Notes	August 15, 2028	600.0		600.0
5.900% Senior Notes	June 15, 2029	550.0		550.0
6.625% Senior Notes	August 15, 2029	72.3		71.6
2025 Term Loan Facility	June 26, 2028	600.0		—
Five-Year Term Loan Facility		—		285.0
Finance lease and other obligations		405.3		356.5
Total debt obligations		$	2,345.6	$	2,238.7
Less unamortized deferred financing costs		(14.9)		(14.6)
Total debt, net of deferred financing costs		$	2,330.7	$	2,224.1
Current portion of long-term debt		154.3		186.1
Long-term debt		$	2,176.4	$	2,038.0

(a) The term loan was terminated and fully repaid as of the second quarter of 2025, pursuant to the terms of the amended and restated senior unsecured credit facility, as described below.

Senior Credit Facility

On June 26, 2025, the Company entered into an amended and restated five-year, senior unsecured credit facility (the “Credit Facility”) replacing the November 1, 2021 senior unsecured credit facility (“Existing Credit Agreement”) that would otherwise have terminated on November 1, 2026. The amendment, among other items, maintained revolving commitments of an aggregate amount of $1.9 billion, terminated the term loan under the Existing Credit Agreement, and extended the maturity of the senior unsecured credit facility from November 1, 2026 to June 26, 2030. The amendment also eliminated certain restrictions on the ability of the Company to make distributions or repurchase capital stock, the requirement of the Company to maintain a minimum consolidated interest coverage ratio and certain other negative covenants. All other material terms and conditions of the Credit Facility were substantially unchanged. The Credit Facility allows the Company to borrow up to an aggregate equivalent amount of $300 million in revolving advances in either Canadian dollars or Mexican pesos. The maximum amount available for letters of credit under the Credit Facility is $750 million, of which up to $250 million can be denominated in either Canadian dollars or Mexican pesos. The Credit Facility also provides for swing line loans of up to $125 million, and, subject to certain conditions, the Company has the option to increase revolving commitments as defined in the Credit Facility. Borrowings under the Credit Facility will be used for working capital requirements, capital expenditures and other corporate purposes, including potential acquisitions, equity investments or other strategic arrangements, and/or the repurchase or prepayment of indebtedness, among other corporate borrowing requirements, including potential share repurchases. As of both December 31, 2025 and 2024, the fair value of the Credit Facility, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value.

Outstanding revolving loans under the Credit Facility bear interest, at the Company’s option, at a rate equal to either (a) Term SOFR, TIIE, or Term CORRA, in each case as defined in the Credit Facility, plus a margin of 1.125% to 1.625%, or (b) Base Rate, as defined below, plus a margin of 0.125% to 0.625%. The Base Rate equals the highest of (i) the Federal Funds Rate, as defined in the Credit Facility, plus 0.50%, (ii) Bank of America’s prime rate, and (iii) Term SOFR plus 1.00%. Financial standby letters of credit and commercial letters of credit issued under the Credit Facility are subject to a letter of credit fee ranging from 1.125% to 1.625%, and performance standby letters of credit issued under such Credit Facility are subject to a letter of credit fee ranging from 0.3125% to 0.6875%. The Company must also pay a commitment fee to the lenders ranging from 0.150% to 0.225% on any unused availability under the Credit Facility. In each of the foregoing cases, the applicable margin or fee is based on the Company’s Consolidated Leverage Ratio and Debt Rating, each as defined in the Credit Facility, as of the most recent fiscal quarter.

Revolving loans accrued interest at weighted average rates of approximately 4.56% and 4.97% per annum as of December 31, 2025 and 2024, respectively. Letters of credit of approximately $57.1 million and $64.3 million were issued as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, letter of credit fees accrued at 0.4375% and 0.5625% per annum, respectively, for performance standby letters of credit, and for financial standby letters of credit, accrued at 1.250% and 1.375% per annum, respectively. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation.

As of December 31, 2025 and 2024, availability for revolving loans totaled $1,724.9 million and $1,792.6 million, respectively, or up to $692.9 million and $585.7 million, respectively, for new letters of credit. As of December 31, 2025 and 2024, outstanding revolving borrowings denominated in foreign currencies totaled $43.0 million and $43.1 million, respectively, and accrued interest at a weighted average rate of approximately 3.81% and 4.97% per annum, respectively. Revolving loan borrowing capacity included $257.0 million and $256.9 million of availability in either Canadian dollars or Mexican pesos as of December 31, 2025 and 2024, respectively. The unused facility fee as of December 31, 2025 and 2024 accrued at rates of 0.175% and 0.200% per annum, respectively.

Other Credit Facilities. The Company has a separate credit facility, which is renewable on an annual basis, under which it may issue up to $50.0 million of performance standby letters of credit. As of December 31, 2025 and 2024, letters of credit issued under this facility totaled $33.4 million and $17.4 million, respectively, which accrued fees at 0.50% and 0.75% per annum, respectively. The Company’s other credit facilities are subject to customary provisions and covenants.

4.500% Senior Notes

The Company has $600 million aggregate principal amount of senior unsecured notes due August 15, 2028, which bear interest at a rate of 4.500% (the “4.500% Senior Notes”), which were issued at par in a private offering. Interest on the 4.500% Senior Notes is payable semiannually in arrears on February 15 and August 15 of each year. As of December 31, 2025 and 2024, the fair value of the Company’s 4.500% Senior Notes totaled approximately $595.7 million and $581.9 million, respectively.

The Company has the option to redeem all or a portion of the 4.500% Senior Notes at the redemption prices specified in the indenture that governs the 4.500% Senior Notes (the “4.500% Senior Notes Indenture”), plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If a change of control, as defined in the 4.500% Senior Notes Indenture, occurs, the Company must make an offer to repurchase all of the 4.500% Senior Notes then outstanding at a price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

The 4.500% Senior Notes Indenture, among other things, generally limits the ability of the Company and certain of its subsidiaries to create liens and effect mergers, subject to certain exceptions. The 4.500% Senior Notes Indenture provides for customary events of default, subject to customary grace and cure periods. Generally, if an event of default occurs and is continuing, the trustee or holders of at least 30% of the 4.500% Senior Notes then outstanding may declare the principal of, premium, if any, and accrued interest on all of the 4.500% Senior Notes immediately due and payable.

5.900% Senior Notes

On June 10, 2024, the Company completed an offering of $550 million aggregate principal amount of 5.900% senior notes due June 15, 2029 (the “5.900% Senior Notes”). Interest on the 5.900% Senior Notes is payable semiannually in arrears on June 15 and December 15 of each year. The 5.900% Senior Notes are general senior unsecured obligations of the Company, and rank equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness and senior in right of payment to all of the Company’s future subordinated indebtedness. The 5.900% Senior Notes are effectively subordinated to all secured indebtedness of the Company, to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all of the obligations of the subsidiaries of the Company, including trade payables. Financing costs incurred in connection with the issuance of the 5.900% Senior Notes totaled approximately $5.9 million and are being amortized over the term of the 5.900% Senior Notes using the effective interest method. As of December 31, 2025 and 2024, the fair value of the Company’s 5.900% Senior Notes totaled approximately $574.1 million and $558.8 million, respectively.

The Company has the option to redeem all or a portion of the 5.900% Senior Notes at the redemption prices specified in the indenture that governs the 5.900% Senior Notes (the “5.900% Senior Notes Indenture”), plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If a change of control triggering event, as defined in the 5.900% Senior Notes Indenture, occurs, each holder of the 5.900% Senior Notes will have the right to require the Company to repurchase all or any portion of such holder’s 5.900% Senior Notes then outstanding at a price equal to 101% of the principal amount of the 5.900% Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase, subject to the right of holders of 5.900% Senior Notes on the relevant record date to receive interest due on the relevant interest payment date.

The 5.900% Senior Notes Indenture, among other things, generally limits the ability of the Company and certain of its subsidiaries to create liens, enter into sale and leaseback transactions and effect mergers, subject to certain exceptions. The 5.900% Senior Notes Indenture provides for customary events of default, which include, subject, in certain cases, to customary grace and cure periods, among others, nonpayment of principal or interest; breach of other covenants or agreements in the 5.900% Senior Notes Indenture; failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing, the trustee or holders of at least 25% of the 5.900% Senior

Notes then outstanding may declare the principal amount, premium, if any, and accrued interest on all of the 5.900% Senior Notes to be immediately due and payable.

The Company used a portion of the proceeds from the 5.900% Senior Notes offering in 2024 to purchase $203.7 million in aggregate principal amount of 6.625% IEA Senior Notes (as defined below). The remaining net proceeds, along with available cash, were used to repay the Company’s $400.0 million Three-Year Term Loan Facility. In connection with these transactions, the Company recorded a pre-tax debt extinguishment loss of approximately $11.3 million during the year ended December 31, 2024, which is separately presented within the Company’s consolidated statements of operations.

6.625% Senior Notes

The Company has $74.9 million aggregate principal amount of 6.625% senior unsecured notes due August 15, 2029 (the “6.625% Senior Notes”), with a carrying value of $72.3 million and $71.6 million as of December 31, 2025 and 2024, respectively. Interest on the 6.625% Senior Notes is payable semiannually in arrears on February 15 and August 15 of each year. The 6.625% Senior Notes were previously composed of $225.1 million aggregate principal amount of 6.625% IEA senior notes (the “6.625% IEA Senior Notes”) and $74.9 million aggregate principal amount of 6.625% MasTec senior notes (the “6.625% MasTec Senior Notes”).

Concurrently with the Company’s 2024 offering of the 5.900% Senior Notes, IEA Energy Services LLC (“IEA LLC”), a wholly-owned subsidiary of the Company, launched a tender offer and consent solicitation (the “IEA Tender”) for the 6.625% IEA Senior Notes due 2029. The Company used a portion of the proceeds from the 5.900% Senior Notes offering to purchase $203.7 million in aggregate principal amount of 6.625% IEA Senior Notes tendered at a price equal to 100.0% of the principal amount of the 6.625% IEA Senior Notes, plus accrued and unpaid interest to, but excluding, the payment date. In July 2024, subsequent to the IEA Tender, IEA LLC exercised its right under the indenture that governs the 6.625% IEA Senior Notes to redeem the remaining $21.4 million in aggregate principal amount of the 6.625% IEA Senior Notes at a price equal to 95.0% of the principal amount of the 6.625% IEA Senior Notes redeemed, which amount approximated their carrying value, plus accrued and unpaid interest to, but excluding, the redemption date. As of both December 31, 2025 and 2024, the fair value of the Company’s 6.625% Senior Notes approximated their carrying value.

The 6.625% Senior Notes are general senior unsecured obligations of the Company, and rank equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness and senior in right of payment to any of the Company’s future subordinated indebtedness. The 6.625% Senior Notes are effectively subordinated to all secured indebtedness of the Company to the extent of the value of the assets securing such indebtedness and are structurally subordinated to all obligations of the subsidiaries of the Company, including trade payables.

The 6.625% Senior Notes Indenture provides for customary events of default, which include, subject, in certain cases, to customary grace and cure periods, among others, nonpayment of principal or interest; breach of other covenants or agreements in the 6.625% Senior Notes Indenture; failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing, the trustee or holders of at least 30% of the 6.625% Senior Notes then outstanding may declare the principal of, premium, if any, and accrued interest on all of the 6.625% Senior Notes immediately due and payable.

If a Change of Control, as defined in the 6.625% Senior Notes Indenture, occurs, the Company must make an offer to repurchase all of the 6.625% Senior Notes, then outstanding at a price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to, but not including, the date of repurchase.

2025 Term Loan Facility

On June 26, 2025, the Company entered into a new $600 million senior unsecured term loan agreement (the “2025 Term Loan Facility”). The 2025 Term Loan Facility will mature on June 26, 2028, and the loans thereunder are not subject to amortization and are not guaranteed or secured by any assets of the Company or any of its subsidiaries. As of December 31, 2025, the Company had $600 million outstanding under the 2025 Term Loan Facility. The fair value of the 2025 Term Loan Facility as of December 31, 2025, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value. Using the net proceeds from the 2025 Term Loan Facility, together with available cash, the Company repaid the $328.1 million term loan under the Existing Credit Agreement and the remaining $277.5 million of the Company’s unsecured five-year term loan (the “Five-Year Term Loan”) that would otherwise have matured on October 7, 2027.

Outstanding loans under the 2025 Term Loan Facility bear interest, at the Company’s option, at a rate equal to either (a) Term SOFR, as defined in the 2025 Term Loan Facility, plus a margin of 1.00% to 1.50%, or (b) a Base Rate, as defined below, plus a margin of up to 0.50%. The Base Rate equals the highest of (i) the Federal Funds Rate, as defined in the 2025 Term Loan Facility, plus 0.50%, (ii) Bank of America’s prime rate, and (iii) Term SOFR plus 1.00%. In each of the foregoing cases, the applicable margin is based on the Company’s Consolidated Leverage Ratio and Debt Rating, each as defined in the 2025 Term Loan Facility, as of the most recent fiscal quarter. As of December 31, 2025, the 2025 Term Loan Facility accrued interest at a rate of 4.85%.

Five-Year Term Loan Facility

As described above, the Company used a portion of the net proceeds from the 2025 Term Loan Facility, together with available cash, to repay the remaining $277.5 million of the Five-Year Term Loan that would otherwise have matured on October 7, 2027.

Loss on Extinguishment of Debt

For the year ended December 31, 2024, the Company recognized a pre-tax debt extinguishment loss of approximately $11.3 million in connection with the repayment of the $203.7 million 6.625% IEA Senior Notes and $400.0 million Three-Year Term Loan Facility, which is separately presented within the Company’s consolidated statements of operations.

Debt Covenants

The Company’s Credit Facility and 2025 Term Loan Facility contain affirmative and negative covenants that, among other things, limit the Company’s ability to engage in certain activities, including, but not limited to, acquisitions, mergers and consolidations, debt incurrence, investments, asset sales and lien incurrence. In addition, the Credit Facility and 2025 Term Loan Facility provide for customary events of default and carries cross-default provisions with the Company’s other significant debt instruments, including the Company’s indemnity agreement with its surety provider, as well as customary remedies, including the acceleration of repayment of outstanding amounts and other remedies. The Credit Facility and 2025 Term Loan Facility require the Company to maintain a maximum Consolidated Leverage Ratio, as defined in the Credit Facility and 2025 Term Loan Facility, respectively, of not more than 3.50:1.00 as of the end of any fiscal quarter (except that, subject to certain conditions, if a permitted acquisition or series of permitted acquisitions having consideration exceeding $200 million occurs, such ratio is increased to 4.00:1.00 for the fiscal quarter in which the acquisition is completed and the four subsequent fiscal quarters). For purposes of calculating the Consolidated Leverage Ratio, funded indebtedness excludes undrawn standby performance letters of credit included in the calculation of Consolidated Funded Indebtedness, as defined in the Credit Facility and 2025 Term Loan Facility, respectively. Additionally, the Company’s Senior Notes are subject to customary provisions and covenants, as detailed above.

MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of both December 31, 2025 and 2024.

Additional Information

In connection with the amended and restated Credit Facility and the 2025 Term Loan Facility, deferred financing costs of $4.2 million and $1.2 million, respectively, were incurred and are being amortized over the respective terms of those instruments. Such amortization is included in interest expense, net in the consolidated statements of operations.

As of December 31, 2025 and 2024, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $16.0 million and $20.8 million, respectively.

Contractual Maturities of Debt

Contractual maturities of MasTec’s debt, which includes finance lease obligations, as of December 31, 2025 were as follows (in millions):


2026	$	154.3
2027	108.0
2028	1,284.1
2029	668.5
2030	130.2
Thereafter	0.5
Total	$	2,345.6

Segments and Related Information - Schedule of Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment and Related Information [Line Items]
Revenue	$ 14,299,171	$ 12,303,464	$ 11,995,934
Costs of revenue, excluding depreciation and amortization	12,506,437	10,675,987	10,613,762
EBITDA	1,345,600	1,194,100	918,800
Reportable Segments
Segment and Related Information [Line Items]
Revenue	14,299,200	12,303,500	11,995,900
Costs of revenue, excluding depreciation and amortization	12,504,700	10,655,700	10,591,800
Other segment items	448,900	453,700	485,300
EBITDA	1,345,600	1,194,100	918,800
Reportable Segments \| Communications
Segment and Related Information [Line Items]
Revenue	3,339,100	2,524,200	2,366,400
Costs of revenue, excluding depreciation and amortization	2,953,400	2,222,500	2,085,700
Other segment items	76,200	81,600	101,700
EBITDA	309,500	220,100	179,000
Reportable Segments \| Clean Energy and Infrastructure
Segment and Related Information [Line Items]
Revenue	4,699,600	4,092,100	3,962,000
Costs of revenue, excluding depreciation and amortization	4,156,000	3,639,800	3,616,900
Other segment items	195,000	195,300	212,700
EBITDA	348,600	257,000	132,400
Reportable Segments \| Power Delivery
Segment and Related Information [Line Items]
Revenue	4,176,100	3,612,700	3,625,100
Costs of revenue, excluding depreciation and amortization	3,686,200	3,162,700	3,186,500
Other segment items	151,100	148,700	140,600
EBITDA	338,800	301,300	298,000
Reportable Segments \| Pipeline Infrastructure
Segment and Related Information [Line Items]
Revenue	2,137,800	2,133,600	2,072,800
Costs of revenue, excluding depreciation and amortization	1,762,300	1,689,700	1,731,500
Other segment items	57,600	54,500	56,900
EBITDA	317,900	389,400	284,400
Reportable Segments \| Other
Segment and Related Information [Line Items]
Revenue	0	0	0
Costs of revenue, excluding depreciation and amortization	0	0	1,100
Other segment items	(30,800)	(26,200)	(26,100)
EBITDA	30,800	26,200	25,000
Eliminations
Segment and Related Information [Line Items]
Revenue	(53,400)	(59,100)	(30,400)
Costs of revenue, excluding depreciation and amortization	(53,200)	(59,000)	(29,900)
Other segment items	(200)	(100)	(500)
EBITDA	$ 0	$ 0	$ 0

Fair Value of Financial Instruments - Variable Interest Entities - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) entity	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Consolidated assets	$ 9,923,542	$ 8,975,275	$ 9,373,500
Liabilities	6,589,021	5,987,932
Other long-term assets	503,483	447,235
Reporting entity involvement, maximum loss exposure, amount	$ 28,000	$ 34,000
Electric Utility Company One
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Variable interest entity, percent		49.00%
Variable Interest Entity, Primary Beneficiary
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Number of entities \| entity	2
Consolidated assets	$ 187,300	$ 134,800
Liabilities	184,600	132,800
Variable Interest Entity, Not Primary Beneficiary
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Other long-term assets	$ 20,000	$ 23,000

Business, Basis of Presentation and Significant Accounting Policies - Deferred Financing Costs and Long-Lived Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Deferred financing costs, net of accumulated amortization	$ 14.9	$ 14.6
Amortization of deferred financing costs	4.7	4.6	$ 4.1
Financing costs incurred	$ 5.4	$ 6.1	$ 0.0

Business, Basis of Presentation and Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 396,030	$ 399,903
Proportionately Consolidated Non-Controlled Joint Venture
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 45,000	$ 46,700

Income Taxes - Rollforward of Uncertain Tax Positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Uncertain Tax Positions [Rollforward]
Beginning balance	$ 70.3	$ 60.9	$ 39.3
Additions based on tax positions related to the current year	13.9	15.5	16.6
Additions for tax positions of prior years	0.0	6.6	9.5
Reductions for tax positions of prior years	(2.7)	0.0	0.0
Settlements	(6.6)	0.0	0.0
Lapse of statute of limitations	(16.4)	(12.7)	(4.5)
Ending balance	$ 58.5	$ 70.3	$ 60.9

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 14,299,171	$ 12,303,464	$ 11,995,934
Costs of revenue, excluding depreciation and amortization	12,506,437	10,675,987	10,613,762
Depreciation	295,892	366,765	433,929
Amortization of intangible assets	131,190	139,853	169,233
General and administrative expenses	713,009	684,508	698,899
Interest expense, net	172,985	193,266	234,405
Equity in earnings of unconsolidated affiliates, net	(31,964)	(30,228)	(30,697)
Loss on extinguishment of debt	0	11,344	0
Other (income) expense, net	(3,776)	11,006	(40,893)
Income (loss) before income taxes	515,398	250,963	(82,704)
(Provision for) benefit from income taxes	(93,384)	(51,542)	35,408
Net income (loss)	422,014	199,421	(47,296)
Net income attributable to non-controlling interests	22,972	36,633	2,653
Net income (loss) attributable to MasTec, Inc.	$ 399,042	$ 162,788	$ (49,949)
Earnings (loss) per share (Note 2):
Basic earnings (loss) per share (in dollars per share)	$ 5.12	$ 2.09	$ (0.64)
Basic weighted average common shares outstanding (in shares)	77,866	78,049	77,535
Diluted earnings (loss) per share (in dollars per share)	$ 5.07	$ 2.06	$ (0.64)
Diluted weighted average common shares outstanding (in shares)	78,694	78,880	77,535

Lease Obligations

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lease Obligations

Finance Leases

The gross amount of assets held under finance leases as of December 31, 2025 and 2024 totaled $798.8 million and $713.9 million, respectively. Assets held under finance leases, net of accumulated depreciation, totaled $560.1 million and $473.0 million as of December 31, 2025 and 2024, respectively. Depreciation expense associated with finance leases totaled $70.8 million, $81.7 million and $103.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Operating Leases

Operating lease additions for the years ended December 31, 2025, 2024 and 2023 totaled $241.4 million, $166.8 million and $224.6 million, respectively. Acquisition-related additions for the year ended December 31, 2025 were immaterial.

For the years ended December 31, 2025, 2024 and 2023, rent expense for leases that have terms in excess of one year totaled approximately $229.7 million, $195.8 million and $162.1 million, respectively, of which $20.8 million, $17.8 million and $15.8 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $686.9 million, $547.0 million and $608.2 million for the years ended December 31, 2025, 2024, and 2023, respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows.

Additional Lease Information

Future minimum lease commitments as of December 31, 2025 were as follows (in millions):


	Finance Leases		Operating Leases
2026	$	141.3	$	195.3
2027	101.5		145.0
2028	74.7		94.6
2029	43.3		38.8
2030	11.2		12.7
Thereafter	—		28.2
Total minimum lease payments	$	372.0	$	514.6
Less amounts representing interest	(28.4)		(46.2)
Total lease obligations, net of interest	$	343.6	$	468.4
Less current portion	131.7		175.6
Long-term portion of lease obligations, net of interest	$	211.9	$	292.8

The following table presents weighted average remaining lease terms and discount rates for finance and non-cancelable operating leases as of the dates indicated:


	December 31,
	2025		2024
Weighted average remaining lease term (in years):
Finance leases	3.1		2.7
Operating leases	3.4		3.7
Weighted average discount rate:
Finance leases	4.9	%	4.8	%
Operating leases	5.2	%	5.1	%

Lease Obligations

Finance Leases

Operating Leases

Additional Lease Information

Future minimum lease commitments as of December 31, 2025 were as follows (in millions):


	Finance Leases		Operating Leases
2026	$	141.3	$	195.3
2027	101.5		145.0
2028	74.7		94.6
2029	43.3		38.8
2030	11.2		12.7
Thereafter	—		28.2
Total minimum lease payments	$	372.0	$	514.6
Less amounts representing interest	(28.4)		(46.2)
Total lease obligations, net of interest	$	343.6	$	468.4
Less current portion	131.7		175.6
Long-term portion of lease obligations, net of interest	$	211.9	$	292.8

The following table presents weighted average remaining lease terms and discount rates for finance and non-cancelable operating leases as of the dates indicated:


	December 31,
	2025		2024
Weighted average remaining lease term (in years):
Finance leases	3.1		2.7
Operating leases	3.4		3.7
Weighted average discount rate:
Finance leases	4.9	%	4.8	%
Operating leases	5.2	%	5.1	%

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule II - Valuation and Qualifying Accounts [Roll Forward]
Balance at Beginning of Period	$ 148.2	$ 158.5	$ 213.0
Charges to Cost and Expense	16.1	28.1	49.5
Other Additions	0.0	0.0	0.0
(Deductions)	(45.2)	(38.4)	(104.0)
Balance at End of Period	119.1	148.2	158.5
Allowance for credit losses
Schedule II - Valuation and Qualifying Accounts [Roll Forward]
Balance at Beginning of Period	19.1	15.1	8.4
Charges to Cost and Expense	2.4	9.9	12.7
Other Additions	0.0	0.0	0.0
(Deductions)	(3.6)	(5.9)	(6.0)
Balance at End of Period	17.9	19.1	15.1
Allowance for unbilled receivables and project close-out liabilities
Schedule II - Valuation and Qualifying Accounts [Roll Forward]
Balance at Beginning of Period	64.4	83.0	117.0
Charges to Cost and Expense	8.5	8.6	34.0
Other Additions	0.0	0.0	0.0
(Deductions)	(32.7)	(27.2)	(68.0)
Balance at End of Period	40.2	64.4	83.0
Valuation allowance for deferred tax assets
Schedule II - Valuation and Qualifying Accounts [Roll Forward]
Balance at Beginning of Period	64.7	60.4	87.6
Charges to Cost and Expense	5.2	9.6	2.8
Other Additions	0.0	0.0	0.0
(Deductions)	(8.9)	(5.3)	(30.0)
Balance at End of Period	$ 61.0	$ 64.7	$ 60.4

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Acquisitions, Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Acquisitions, Goodwill and Other Intangible Assets, Net

The following table provides a reconciliation of changes in goodwill by reportable segment for the periods indicated (in millions):


	Communications		Clean Energy and Infrastructure		Power Delivery		Pipeline Infrastructure		Total Goodwill
Goodwill, gross, as of December 31, 2023 (a)	$	545.8	$	742.0	$	371.9	$	586.0	$	2,245.7
Accumulated impairment loss (b)	—		—		—		(119.3)		(119.3)
Goodwill, net, as of December 31, 2023 (a)	$	545.8	$	742.0	$	371.9	$	466.7	$	2,126.4
Additions from new business combinations	—		0.3		23.5		53.4		77.2
Measurement period adjustments (c)	0.7		—		—		—		0.7
Currency translation adjustments	—		—		—		(1.2)		(1.2)
Goodwill, net, as of December 31, 2024 (a)	$	546.5	$	742.3	$	395.4	$	518.9	$	2,203.1
Additions from new business combinations	10.5		21.8		—		1.4		33.7
Measurement period adjustments (c)	—		3.4		1.8		3.8		9.0
Currency translation adjustments	—		—		—		3.2		3.2
Goodwill, net, as of December 31, 2025	$	557.0	$	767.5	$	397.2	$	527.3	$	2,249.0
Accumulated impairment loss (b)	—		—		—		(115.3)		(115.3)
Goodwill, gross, as of December 31, 2025	$	557.0	$	767.5	$	397.2	$	642.6	$	2,364.3

(a) Recast to reflect 2025 segment changes. See Note 14 - Segments and Related Information for additional information.

(b) Accumulated impairment loss includes the effects of currency translation gains and/or losses.

(c) Measurement period adjustments represent adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, for the year ended December 31, 2025 were primarily the result of net working capital adjustments.

The following table provides a reconciliation of changes in other intangible assets, net, for the periods indicated (in millions):


	Other Intangible Assets, Net
	Customer Relationships and Backlog		Trade Names (a)		Other (b)		Total
Other intangible assets, gross, as of December 31, 2023	$	1,096.6	$	229.0	$	87.6	$	1,413.2
Accumulated amortization	(529.3)		(49.8)		(49.8)		(628.9)
Other intangible assets, net, as of December 31, 2023	$	567.3	$	179.2	$	37.8	$	784.3
Additions from new business combinations	81.0		3.2		—		84.2

Currency translation adjustments	—		—		(1.2)		(1.2)
Amortization expense	(114.1)		(19.4)		(6.4)		(139.9)
Other intangible assets, net, as of December 31, 2024	$	534.2	$	163.0	$	30.2	$	727.4
Additions from new business combinations	54.3		2.1		1.8		58.2

Currency translation adjustments	1.2		0.1		0.5		1.8
Amortization expense	(105.3)		(20.6)		(5.3)		(131.2)
Other intangible assets, net, as of December 31, 2025	$	484.4	$	144.6	$	27.2	$	656.2
Remaining weighted average amortization, in years	11		11		7		11

(a) Includes approximately $34.5 million of a non-amortizing trade name as of December 31, 2023. In 2024, management reassessed the indefinite-life classification of its $34.5 million non-amortizing trade name intangible asset. Management determined that, based on changes in the asset’s characteristics, a finite-life classification for this asset was more appropriate. As a result, the Company changed the classification of this intangible asset from indefinite-lived to finite-lived and began amortizing it in the fourth quarter of 2024, at which time its estimated remaining useful life was approximately 12 years.

(b) Consists principally of pre-qualifications and non-compete agreements. Additions for the year ended December 31, 2025 related to the 2025 asset acquisition included within the Company’s Pipeline Infrastructure segment.

Expected future amortization expense as of December 31, 2025 is summarized in the following table (in millions):


	Amortization Expense
2026	$	121.1
2027	108.4
2028	92.0
2029	74.3
2030	60.9
Thereafter	199.5
Total	$	656.2

Recent Acquisitions

The Company seeks to grow and diversify its business both organically and through acquisitions and/or strategic arrangements in order to deepen its market presence and customer base, broaden its geographic reach and expand its service offerings. Acquisitions are funded with cash on hand, borrowings under the Company’s senior unsecured credit facility and other debt financing and, for certain acquisitions, with shares of the Company’s common stock, and are generally subject to customary purchase price adjustments. The goodwill balances for each of the respective acquisitions represent the estimated values of each acquired company’s geographic presence in key markets, assembled workforce, synergies expected to be achieved from the combined operations of each of the acquired companies and MasTec, as well as the acquired company’s industry-specific project management expertise.

Q1 2026 Acquisitions. Subsequent to December 31, 2025, MasTec acquired 86% of the equity interest of an infrastructure services company that specializes in water and wastewater distribution networks in the south central region of the United States, which will be included within the Company’s Clean Energy and Infrastructure segment, effective in January. MasTec has the option to acquire the remaining noncontrolling interest in the entity following the third anniversary of the consummation date. The aggregate purchase price of this acquisition was $262 million and consisted of cash paid or payable on the date of the acquisition. The final amount of consideration for this acquisition remains subject to certain post-closing adjustments, including with respect to net working capital, tax estimates and other contractually agreed-upon adjustments to consideration. The Company accounted for the acquisition of the ownership interest as a business combination in accordance with ASC 805 and will consolidate the results of this entity in its consolidated financial statements. The preliminary fair value of the noncontrolling interest is estimated at $42 million, and is based on the price MasTec paid for its 86% controlling interest. The Company is in the process of performing procedures to determine the fair value of assets acquired and liabilities assumed related to this acquisition, and will include the preliminary purchase price allocations in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026.

2025 Acquisitions. During 2025, MasTec acquired all of the equity interests of the following: (i) within the Company’s Communications segment: a telecommunications construction company, effective in July; (ii) within the Company’s Pipeline Infrastructure segment: a construction company specializing in roadway infrastructure, effective in August; and (iii) within the Company’s Clean Energy and Infrastructure segment: a construction company specializing in construction management and design-build services, effective in December. Additionally, MasTec acquired certain operations and assets of a business specializing in install-to-the-home services included within the Company’s Communications segment, effective in November. Determination of the estimated fair values of net assets acquired and consideration transferred for these acquisitions, which have been accounted for as business combinations under ASC 805, was preliminary as of December 31, 2025; as a result, further adjustments to these estimates may occur. The Company expects to finalize the valuation and complete the purchase price consideration allocation no later than one year from the acquisition date.

Additionally, effective in July, MasTec acquired certain of the assets of an equipment company, which is accounted for as an asset acquisition under ASC 805 and included within the Company’s Pipeline Infrastructure segment.

The aggregate purchase price of the Company’s 2025 acquisitions was composed of approximately $87 million, in cash, net of cash acquired, and a five year earn-out liability valued at approximately $13 million primarily with respect to one of such acquisitions. As of December 31, 2025, the remaining potential undiscounted earn-out liabilities for the 2025 acquisitions was estimated to be up to $20 million; however, there is no maximum payment amount. See Note 4 - Fair Value of Financial Instruments for fair value estimates and other details related to the Company’s earn-out arrangements. Approximately $33 million of the goodwill balance related to the 2025 acquisitions is expected to be tax deductible as of December 31, 2025.

2024 Acquisitions. During 2024, MasTec completed three acquisitions, which included all of the equity interests of a construction company focused on underground utility infrastructure for industrial and municipal projects, with expertise in data center utility systems, which acquisition is included within the Company’s Power Delivery segment, and was effective in July; the acquisition of certain operations of a heavy civil contractor specializing in transportation projects, which acquisition is included within the Company’s Clean Energy and Infrastructure segment and was effective in October; and effective in December, the acquisition of the equity interests of a company focused on pipeline infrastructure and heavy civil projects, which acquisition is included within the Company’s Pipeline Infrastructure segment.

The aggregate purchase price of the Company’s 2024 acquisitions was composed of approximately $88 million in cash, net of cash acquired, and a five year earn-out liability valued at approximately $56 million with respect to one of such acquisitions. In connection with the acquisition within the Company’s Pipeline Infrastructure segment, MasTec acquired 60% of the equity interest of the company in exchange for consideration transferred of cash and a 40% equity interest in a MasTec Canadian subsidiary. Determination of the estimated fair values of net assets acquired and consideration transferred for these acquisitions, which have been accounted for as business combinations under ASC 805, was complete as of December 31, 2025. As of December 31, 2025, the remaining potential undiscounted earn-out liabilities for the 2024 acquisitions was estimated to be up to $27 million; however, there is no maximum payment amount. See Note 4 - Fair Value of Financial Instruments for fair value estimates and other details related to the Company’s earn-out arrangements. Approximately $47 million of the goodwill balance related to the 2024 acquisitions is expected to be tax deductible as of December 31, 2025.

2023 Acquisitions. During 2023, MasTec completed four acquisitions, including the acquisition of certain assets of a telecommunications company specializing in wireless services, which acquisition was included within the Company’s Communications segment, and was effective in January; and, effective in July, the acquisition of the equity interests of a telecommunications construction company specializing in broadband and fiber-to-the-home initiatives in the New England area, which acquisition was included within the Company’s Communications segment. Additionally, effective in May 2023, MasTec acquired certain of the equity interests of two equipment companies which were accounted for as asset acquisitions under ASC 805 and were included within the Company’s Pipeline Infrastructure segment. In the fourth quarter of 2023, the Company sold certain of the equity interests of these equipment companies to members of subsidiary management. See Note 16 - Related Party Transactions. Based on an evaluation of the respective entities’ operating agreements, the Company determined that these entities are not VIEs; however, given that the Company has voting control with respect to the entities, the Company has consolidated these entities within the Company’s results of operations, with the other parties’ interests accounted for as non-controlling interests.

The aggregate purchase price of the Company’s 2023 acquisitions was composed of $70 million in cash, net of cash acquired, and an earn-out liability valued at $1 million. As of December 31, 2025, the remaining potential undiscounted earn-out liabilities for the 2023 acquisitions was estimated to be up to $0.3 million; however, there is no maximum payment amount. See Note 4 - Fair Value of Financial Instruments for fair value estimates and other details related to the Company’s earn-out arrangements. Approximately $41 million of the goodwill balance related to the 2023 acquisitions is expected to be tax deductible as of December 31, 2025.

HMG Additional Payments. The 2021 HMG purchase agreement provides for certain additional payments to be made to the sellers if certain receivables are collected by the Company (the “Additional Payments”). Pursuant to the terms of the purchase agreement, a portion of the Additional Payments will be made in cash, with the remainder due in shares of MasTec common stock. The estimated number of potential shares that could be issued related to such Additional Payments will be based on the amounts ultimately collected and the share price as defined within the purchase agreement. Changes in the estimated fair value of potential shares that could be issued, which result from changes in MasTec’s share price as compared with the share price as defined within the purchase agreement, are reflected as unrealized gains or losses within other income or expense, as appropriate. As of December 31, 2025 and 2024, the estimated fair value of remaining Additional Payments totaled approximately $18 million and $14 million, respectively, which amounts are included within other current liabilities in the consolidated balance sheet. In November 2024, the Company made Additional Payments of approximately $26 million, which were composed of cash payments of approximately $12 million, and are reflected within financing activities in the consolidated statement of cash flows, and MasTec common stock totaling approximately 93,000 shares. For the years ended December 31, 2025 and 2024, fair value adjustments related to the contingent shares totaled losses of approximately $4.1 million and $5.5 million, respectively, and for the year ended December 31, 2023, fair value adjustments related to the contingent shares totaled gains of approximately $1.3 million. The estimated number of shares that would be paid in connection with the remaining Additional Payment liability

totaled approximately 50,000 shares as of both December 31, 2025 and 2024, respectively. The effect of the above referenced shares on the Company’s earnings per share calculations was immaterial.

Pro forma results. The Company’s unaudited pro forma financial results include the results of operations of acquired companies as if those companies had been consolidated as of the beginning of the year prior to their acquisition, and are provided for illustrative purposes only. These unaudited pro forma financial results do not purport to be indicative of the actual results that would have been achieved by the combined companies for the periods indicated, or of the results that may be achieved by the combined companies in the future.

The following table provides unaudited supplemental pro forma results for the periods indicated (in millions):


	Year Ended December 31,
	2025		2024		2023
Revenue	$	14,514.6	$	12,585.6	$	12,162.5
Net income (loss)	429.5		195.6		(48.4)

The Company’s unaudited pro forma financial results were prepared by adding the unaudited historical results of acquired businesses to the historical results of MasTec, and then adjusting those combined results for (i) acquisition costs; (ii) amortization expense from acquired intangible assets; (iii) interest expense from cash consideration paid; (iv) interest expense from debt repaid upon acquisition; and (iv) other purchase accounting related adjustments. These unaudited pro forma financial results do not include adjustments to reflect other cost savings or synergies that may have resulted from these acquisitions. Future results may vary significantly due to future events and other factors, many of which are beyond the Company’s control.

Acquisition-related results. The Company defines “acquisition-related” results as results from acquired businesses for the first twelve months following the dates of the respective acquisitions. For the years ended December 31, 2025, 2024 and 2023, the Company’s consolidated results of operations included acquisition-related revenue of approximately $166.4 million, $42.8 million and $1,546.3 million, respectively. Acquisition-related revenue for the year ended December 31, 2023 included approximately $1,374.6 million for IEA. For both the years ended December 31, 2025 and 2024, acquisition-related net income was immaterial, and for the year ended December 31, 2023, the Company’s consolidated results of operations included acquisition-related net losses of approximately $40.0 million, based on the Company’s consolidated effective tax rates. These acquisition-related results include amortization of acquired intangible assets and certain acquisition integration costs, and exclude the effects of interest expense associated with consideration paid for the related acquisitions.

Revenue and net income from the Company’s 2025 acquisitions included within the Company’s consolidated results of operations for the year ended December 31, 2025 were immaterial.

Acquisition and integration costs. For the year ended December 31, 2025, the Company incurred approximately $4 million of acquisition costs, and for both the years ended December 31, 2024 and 2023, the Company incurred approximately $3 million of such costs, which are included within general and administrative expenses.

In 2021, the Company initiated a significant transformation of its end-market business operations to position the Company for expected future growth opportunities. This transformation included significant business combination activity, including expansion of the Company’s scale and capacity in renewable energy, power delivery, heavy civil and telecommunications services, which activity resulted in significant acquisition and integration costs in prior periods. These acquisition and integration activities were completed in the fourth quarter of 2023. Acquisition and integration costs for the year ended December 31, 2023 totaled approximately $71.9 million, of which $64.1 million was included within general and administrative expenses and $7.8 million was included within costs of revenue, excluding depreciation and amortization.

Lease Obligations - Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finance Leases
2026	$ 141,300
2027	101,500
2028	74,700
2029	43,300
2030	11,200
Thereafter	0
Total minimum lease payments	372,000
Less amounts representing interest	(28,400)
Total lease obligations, net of interest	343,600
Less current portion	131,700
Long-term portion of lease obligations, net of interest	$ 211,900
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt, including finance leases
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt, including finance leases
Operating Leases
2026	$ 195,300
2027	145,000
2028	94,600
2029	38,800
2030	12,700
Thereafter	28,200
Total minimum lease payments	514,600
Less amounts representing interest	(46,200)
Total lease obligations, net of interest	468,400
Less current portion	175,649	$ 146,183
Long-term portion of lease obligations, net of interest	$ 292,839	$ 261,303

Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity

Share Activity

The Company’s share repurchase program provides for the repurchase, from time to time, of MasTec common shares in open market transactions or in privately negotiated transactions in accordance with applicable securities laws. The timing and the amount of any repurchases is determined based on market conditions, legal requirements, cash flow and liquidity needs, and other factors. The Company’s share repurchase program, under which the Company undertakes share repurchases for strategic purposes, including (i) when management believes that the market price of the Company’s stock is undervalued, (ii) such repurchases will enhance long-term shareholder value, (iii) the Company has adequate liquidity, and (iv) management believes that such repurchases are appropriate uses of capital, do not have an expiration date and may be modified or suspended at any time at the Company’s discretion. Share repurchases, which are recorded at cost and are held in the Company’s treasury, are funded with available cash or with availability under the Credit Facility. The Company may use either authorized and unissued shares or treasury shares to meet share issuance requirements. Treasury stock is recorded at cost. Share repurchases are recorded as of the trade date, whereas payments for share repurchases are made on the date the trade is settled.

For the year ended December 31, 2025, the Company repurchased 0.7 million shares of its common stock for an aggregate purchase price totaling $77.3 million, which completed the Company’s $150 million March 2020 share repurchase program during the second quarter of 2025. There were no share repurchases under the Company’s share repurchase program for either of the years ended December 31, 2024 or 2023. In May 2025, the Company’s Board of Directors authorized a new $250 million share repurchase program, for which the full amount remains available for future share repurchases as of December 31, 2025.

During the fourth quarter of 2024, the Company reissued approximately 0.1 million shares of its treasury stock with a cost basis of $3.1 million in settlement of certain Additional Payments in connection with the HMG acquisition. For additional information related to shares issued for acquisitions, see Note 2 - Earnings Per Share and Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net.

Accumulated Other Comprehensive Loss

A rollforward of activity within accumulated other comprehensive income (loss) for the periods indicated was as follows (in thousands):


	Year Ended December 31,
	2025						2024						2023
	Foreign Currency		Other		Total		Foreign Currency		Other		Total		Foreign Currency		Other		Total
Balance as of January 1	$	(53,607)	$	12,760	$	(40,847)	$	(65,408)	$	12,411	$	(52,997)	$	(67,103)	$	16,148	$	(50,955)
Unrealized gains (losses), net of tax	2,766		(5,952)		(3,186)		(2,949)		349		(2,600)		1,695		(3,737)		(2,042)
Consideration transferred in a foreign subsidiary	—		—		—		14,750		—		14,750		—		—		—
Balance as of December 31	$	(50,841)	$	6,808	$	(44,033)	$	(53,607)	$	12,760	$	(40,847)	$	(65,408)	$	12,411	$	(52,997)

Unrealized foreign currency translation activity, net, for the three years in the period ended December 31, 2025 relates primarily to the Company’s activities in Canada and Mexico. Other unrealized activity within accumulated comprehensive loss for the three years in the period ended December 31, 2025 primarily relates to unrealized investment gains or losses associated with interest rate swaps for the Waha JVs. See Note 4 - Fair Value of Financial Instruments for additional information. Consideration transferred in a foreign subsidiary relates to the 40% equity interest of a MasTec subsidiary that was included as consideration transferred for a 2024 acquisition. See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net for additional information.

- Definition

The entire disclosure for equity.

+ References

+ Details

Acquisitions, Goodwill and Other Intangible Assets, Net - Rollforward of Goodwill by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill, gross	$ 2,364,300		$ 2,245,700
Accumulated impairment loss	(115,300)		(119,300)
Goodwill, net	2,248,992	$ 2,203,077	2,126,400
Goodwill [Roll Forward]
Goodwill, net, beginning balance	2,203,077	2,126,400
Additions from new business combinations	33,700	77,200
Measurement period adjustments (c)	9,000	700
Currency translation adjustments	3,200	(1,200)
Goodwill, net, ending balance	2,248,992	2,203,077
Communications
Goodwill [Line Items]
Goodwill, gross	557,000		545,800
Accumulated impairment loss	0		0
Goodwill, net	557,000	546,500	545,800
Goodwill [Roll Forward]
Goodwill, net, beginning balance	546,500	545,800
Additions from new business combinations	10,500	0
Measurement period adjustments (c)	0	700
Currency translation adjustments	0	0
Goodwill, net, ending balance	557,000	546,500
Clean Energy and Infrastructure
Goodwill [Line Items]
Goodwill, gross	767,500		742,000
Accumulated impairment loss	0		0
Goodwill, net	767,500	742,300	742,000
Goodwill [Roll Forward]
Goodwill, net, beginning balance	742,300	742,000
Additions from new business combinations	21,800	300
Measurement period adjustments (c)	3,400	0
Currency translation adjustments	0	0
Goodwill, net, ending balance	767,500	742,300
Power Delivery
Goodwill [Line Items]
Goodwill, gross	397,200		371,900
Accumulated impairment loss	0		0
Goodwill, net	397,200	395,400	371,900
Goodwill [Roll Forward]
Goodwill, net, beginning balance	395,400	371,900
Additions from new business combinations	0	23,500
Measurement period adjustments (c)	1,800	0
Currency translation adjustments	0	0
Goodwill, net, ending balance	397,200	395,400
Pipeline Infrastructure
Goodwill [Line Items]
Goodwill, gross	642,600		586,000
Accumulated impairment loss	(115,300)		(119,300)
Goodwill, net	527,300	518,900	$ 466,700
Goodwill [Roll Forward]
Goodwill, net, beginning balance	518,900	466,700
Additions from new business combinations	1,400	53,400
Measurement period adjustments (c)	3,800	0
Currency translation adjustments	3,200	(1,200)
Goodwill, net, ending balance	$ 527,300	$ 518,900

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

The following table provides details of property and equipment, net, including property and equipment held under finance leases as of the dates indicated (in millions):


	December 31,
	2025		2024		Estimated Useful Lives (in years)
Land	$	65.3	$	67.4
Buildings and leasehold improvements	101.2		100.5		5	-	40
Machinery, equipment and vehicles	3,295.8		3,022.4		2	-	20
Office equipment, furniture and internal-use software	375.9		349.2		3	-	7
Construction in progress	49.1		32.5
Total property and equipment	$	3,887.3	$	3,572.0
Less accumulated depreciation and amortization	(2,158.8)		(2,023.1)
Property and equipment, net	$	1,728.5	$	1,548.9

As of December 31, 2025 and 2024, the gross amount of capitalized internal-use software totaled $247.2 million and $228.2 million, respectively, and, net of accumulated amortization, totaled $54.0 million and $51.1 million, respectively. Accrued capital expenditures, the effects of which are excluded from capital expenditures in the Company’s consolidated statements of cash flows given their non-cash nature, totaled $15.1 million, $7.0 million and $4.4 million as of December 31, 2025, 2024 and 2023, respectively.

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property and Equipment [Line Items]
Total property and equipment	$ 3,887,300	$ 3,572,000
Less accumulated depreciation and amortization	(2,158,800)	(2,023,100)
Property and equipment, net	1,728,470	1,548,916
Land
Property and Equipment [Line Items]
Total property and equipment	65,300	67,400
Buildings and leasehold improvements
Property and Equipment [Line Items]
Total property and equipment	$ 101,200	100,500
Buildings and leasehold improvements \| Minimum
Property and Equipment [Line Items]
Estimated Useful Lives (in years)	5 years
Buildings and leasehold improvements \| Maximum
Property and Equipment [Line Items]
Estimated Useful Lives (in years)	40 years
Machinery, equipment and vehicles
Property and Equipment [Line Items]
Total property and equipment	$ 3,295,800	3,022,400
Machinery, equipment and vehicles \| Minimum
Property and Equipment [Line Items]
Estimated Useful Lives (in years)	2 years
Machinery, equipment and vehicles \| Maximum
Property and Equipment [Line Items]
Estimated Useful Lives (in years)	20 years
Office equipment, furniture and internal-use software
Property and Equipment [Line Items]
Total property and equipment	$ 375,900	349,200
Office equipment, furniture and internal-use software \| Minimum
Property and Equipment [Line Items]
Estimated Useful Lives (in years)	3 years
Office equipment, furniture and internal-use software \| Maximum
Property and Equipment [Line Items]
Estimated Useful Lives (in years)	7 years
Construction in progress
Property and Equipment [Line Items]
Total property and equipment	$ 49,100	$ 32,500

Business, Basis of Presentation and Significant Accounting Policies - Stock-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, shares withheld (in shares)	42,503	33,451	118,636
Stock-based compensation, payments for employee tax obligations to taxing authorities (in dollars)	$ 5,611	$ 2,946	$ 10,330
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, vesting period (in years)	3 years
Employee Stock Purchase Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, purchase price of common stock, percentage	85.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Other Accrued Expenses

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Other Accrued Expenses

The following table provides details of other accrued expenses as of the dates indicated (in millions):


	December 31,
	2025		2024
Accrued project costs	$	270.9	$	218.9
Self-insurance and related liabilities (a)	81.9		66.9
Income, sales and other taxes	64.7		83.0
Other	123.3		86.2
Other accrued expenses	$	540.8	$	455.0

(a) See Note 15 - Commitments and Contingencies for additional information on insurance reserves.

Stock-Based Compensation and Other Employee Benefit Plans - Restricted Shares (Details) - Restricted Shares - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation awards, unearned compensation	$ 45.8
Stock-based compensation awards, unearned compensation, weighted average expected recognition period (in years)	1 year 10 months 24 days
Stock-based compensation, vested awards, intrinsic value	$ 73.1	$ 37.2	$ 98.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments and Contingencies - Collective Bargaining Agreements and Multiemployer Plans (Details) - Pension - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies [Line Items]
Payments for withdrawal obligation	$ 1,300
Infrastructure Energy Alternatives, Inc.
Commitments and Contingencies [Line Items]
Monthly payment amount		$ 10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income before Income Taxes

The components of income or loss before income taxes for the periods indicated were as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Domestic	$	516.5	$	255.7	$	(84.9)
Foreign	(1.1)		(4.7)		2.2
Total	$	515.4	$	251.0	$	(82.7)

Schedule of Provision for Income Taxes

The provision for income taxes for the periods indicated were as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	(51.2)	$	68.9	$	90.2
Foreign	1.9		7.8		1.8
State and local	27.5		9.3		13.5
	$	(21.8)	$	86.0	$	105.5
Deferred:
Federal	$	143.3	$	(26.2)	$	(119.7)
Foreign	(9.7)		0.0		(0.1)
State and local	(18.4)		(8.3)		(21.1)
	$	115.2	$	(34.5)	$	(140.9)
Provision for (benefit from) income taxes	$	93.4	$	51.5	$	(35.4)

Schedule of Cash Flow, Supplemental Disclosures


	Year ended December 31, 2025
Federal taxes	$	25.0
State taxes
Virginia	3.8
Pennsylvania	2.5
Other state jurisdictions	10.7
Foreign taxes	2.4


Income taxes paid, net of refunds	$	44.4

The following table presents income taxes paid, net of refunds, for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09 (in millions):


	Years ended December 31,
	2024		2023
Income taxes paid, net of refunds	$	44.0	$	9.6

Schedule of Deferred Tax Assets and Liabilities

The tax effects of significant items comprising the Company’s net deferred tax liability as of the dates indicated were as follows (in millions):


	December 31,
	2025		2024
Deferred tax assets:
Accrued insurance	$	66.7	$	54.0
Operating loss carryforwards and tax credits	88.3		93.3
Compensation and benefits	47.5		45.1
Bad debt	4.3		4.6

Other	13.4		20.5
Capitalized expenses	43.2		332.6
Valuation allowance	(61.0)		(64.7)
Total deferred tax assets	$	202.4	$	485.4
Deferred tax liabilities:
Property and equipment	$	323.2	$	299.7
Goodwill	124.1		112.9
Other intangible assets	52.6		75.8
Gain on remeasurement of equity investee	7.2		7.3
Revenue recognition	26.8		203.0
Investments in unconsolidated entities	114.1		117.6
Other	32.6		31.9
Total deferred tax liabilities	$	680.6	$	848.2
Net deferred tax liabilities	$	(478.2)	$	(362.8)

Schedule of Effective Tax Rate Reconciliation


	December 31, 2025
	Amount		Percent
U.S. statutory federal rate	$	108.3	21.0	%
State and local income tax, net of federal (national) income tax effect (a)	15.8		3.1
Foreign tax effects:
Canada
Changes in valuation allowances	(8.7)		(1.7)
Other	0.6		0.1
Other foreign jurisdictions	0.5		0.1


Tax credits:
Research and development credit	(20.4)		(4.0)
Other	(0.7)		(0.1)

Nontaxable or nondeductible items:
Nondeductible employee expenses	16.1		3.1
Other	(6.2)		(1.2)
Changes in unrecognized tax benefits	(11.4)		(2.2)
Other adjustments	(0.5)		(0.1)
Effective tax rate	$	93.4	18.1	%

(a) While no state jurisdiction is individually material, California, Florida, Pennsylvania and Virginia made up the majority (greater than 50%) of the Company’s state taxes.


	Year Ended December 31,
	2024		2023
U.S. statutory federal rate applied to pretax income	21.0	%	21.0	%
State and local income taxes, net of federal benefit	1.4		4.3
Foreign tax rate differential	0.2		(1.8)
Non-deductible expenses	5.6		(14.6)
Goodwill and intangible assets	0.0		1.8
Change in tax rate	(0.3)		(5.6)
Compensation and benefits	1.0		6.2
Non-controlling interest	(3.0)		0.7
Other	3.8		0.7
Tax credits	(10.0)		24.7
Stock basis adjustment	0.0		4.9
Valuation allowance for deferred tax assets	0.8		0.5
Effective income tax rate	20.5	%	42.8	%

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of uncertain tax positions, excluding interest and penalties, follows in the table below (in millions).


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	70.3	$	60.9	$	39.3
Additions based on tax positions related to the current year	13.9		15.5		16.6
Additions for tax positions of prior years	—		6.6		9.5
Reductions for tax positions of prior years	(2.7)		—		—
Settlements	(6.6)		—		—
Lapse of statute of limitations	(16.4)		(12.7)		(4.5)
Ending balance	$	58.5	$	70.3	$	60.9

Debt - Schedule of Carrying Values of Debt (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 26, 2025	Dec. 31, 2025	Dec. 31, 2024	Jun. 10, 2024
Debt Instrument [Line Items]
Finance lease and other obligations		$ 405,300	$ 356,500
Total debt obligations		2,345,600	2,238,700
Less unamortized deferred financing costs		(14,900)	(14,600)
Total debt, net of deferred financing costs		2,330,700	2,224,100
Current portion of long-term debt		154,311	186,095
Long-term debt		2,176,372	2,038,017
Credit Facility \| Revolving loans
Debt Instrument [Line Items]
Long-term debt obligations		118,000	43,100
Credit Facility \| Term loan
Debt Instrument [Line Items]
Long-term debt obligations		0	332,500
Debt instrument, term	5 years
Credit Facility \| Term loan \| 2025 Term Loan Facility
Debt Instrument [Line Items]
Long-term debt obligations		600,000	0
Credit Facility \| Term loan \| Five-Year Term Loan Facility
Debt Instrument [Line Items]
Long-term debt obligations		$ 0	285,000
Debt instrument, term		5 years
Senior Notes \| 4.500% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)		4.50%
Long-term debt obligations		$ 600,000	600,000
Senior Notes \| 5.900% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)				5.90%
Long-term debt obligations		$ 550,000	$ 550,000	$ 550,000
Senior Notes \| 6.625% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)		6.625%	6.625%
Long-term debt obligations		$ 72,300	$ 71,600

Segments and Related Information - Schedule of Financial Information by Reportable Segment - Capital Expenditures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Capital Expenditures:
Consolidated capital expenditures	$ 259,985	$ 148,855	$ 192,941
Reportable Segments \| Communications
Capital Expenditures:
Consolidated capital expenditures	22,000	16,800	23,600
Reportable Segments \| Clean Energy and Infrastructure
Capital Expenditures:
Consolidated capital expenditures	34,800	27,000	30,900
Reportable Segments \| Power Delivery
Capital Expenditures:
Consolidated capital expenditures	78,700	72,700	56,700
Reportable Segments \| Pipeline Infrastructure
Capital Expenditures:
Consolidated capital expenditures	100,200	27,500	76,000
Reportable Segments \| Other
Capital Expenditures:
Consolidated capital expenditures	0	0	0
Corporate
Capital Expenditures:
Consolidated capital expenditures	$ 24,300	$ 4,900	$ 5,700

Stock-Based Compensation and Other Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation and Other Employee Benefit Plans

The Company’s stock-based compensation plans, under which shares of the Company’s common stock are reserved for issuance, include: the MasTec, Inc. Amended and Restated 2013 Incentive Compensation Plan (as amended from time to time, the “2013 Incentive Plan”), the MasTec, Inc. Amended and Restated Bargaining Units Employee Stock Purchase Plan (the “2013 Bargaining Units ESPP”) and the MasTec, Inc. Amended and Restated 2011 Employee Stock Purchase Plan (the “2011 ESPP,” and, together with the 2013 Bargaining Units ESPP, the “ESPPs”). In May 2024, MasTec’s shareholders approved amendments to the 2013 Incentive Plan and the 2011 ESPP, which included the authorization to issue an additional 1,200,000 shares under the 2013 Incentive Plan and 1,000,000 shares under the 2011 ESPP. The 2013 Incentive Plan permits a total of approximately 9,741,000 shares of the Company’s common stock to be issued. Under the Company’s ESPPs, shares of the Company’s common stock are available for purchase by eligible participants, which collectively permit the issuance of up to 4,000,000 new shares of MasTec, Inc. common stock. Under all stock-based compensation plans in effect as of December 31, 2025, there were approximately 3,994,000 shares available for future grants.

Non-cash stock-based compensation expense under all plans totaled approximately $34.0 million, $32.7 million and $33.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. Income tax benefits associated with stock-based compensation arrangements totaled approximately $14.7 million, $7.6 million and $17.3 million for the years ended December 31, 2025, 2024 and 2023, respectively, including net tax benefits related to the vesting of share-based payment awards totaling approximately $8.8 million, $1.5 million and $11.0 million, respectively.

Restricted Shares

MasTec grants restricted stock awards and restricted stock units (together, “restricted shares”) to eligible participants, which are valued based on the closing market share price of MasTec common stock on the date of grant. During the restriction period, holders of restricted stock awards are entitled to vote the shares. As of December 31, 2025, total unearned compensation related to restricted shares was approximately $45.8 million, which amount is expected to be recognized over a weighted average period of approximately 1.9 years. The fair value of restricted shares that vested totaled approximately $73.1 million, $37.2 million and $98.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.


Activity, restricted shares: (a)	Restricted Shares	Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, as of December 31, 2023	1,505,996	$	71.35
Granted	268,117	90.90
Vested	(344,304)	88.76
Canceled/forfeited	(298,789)	53.22
Non-vested restricted shares, as of December 31, 2024	1,131,020	$	75.48
Granted	386,449	122.25
Vested	(424,650)	75.16
Canceled/forfeited	(54,041)	89.95
Non-vested restricted shares, as of December 31, 2025	1,038,778	$	92.26

(a) Includes 1,000 restricted stock units as of both December 31, 2024 and 2023.

Employee Stock Purchase Plans. For the years ended December 31, 2025, 2024 and 2023, 72,278 shares, 95,374 shares and 119,450 shares, respectively, were purchased by participants under the Company’s ESPPs for $10.3 million, $8.2 million and $8.5 million, respectively, which shares were delivered with shares reacquired by the Company on the open market. For the year ended December 31, 2025, compensation expense associated with the Company’s ESPPs totaled approximately $1.8 million, and for both the years ended December 31, 2024 and 2023, such compensation expense totaled approximately $1.5 million.

401(k) Plan. MasTec has a 401(k) plan covering all eligible employees, which allows participants to contribute up to 75% of their pre-tax annual compensation to the plan, subject to certain limitations. Company contributions under the plan are based upon a percentage of the employee’s salary, subject to certain limitations as defined by the plan. During the years ended December 31, 2025, 2024 and 2023, matching contributions totaled approximately $38.1 million, $35.3 million and $36.1 million, respectively.

Deferred Compensation Plans. MasTec offers a deferred compensation plan to eligible highly compensated employees. These employees are allowed to contribute a percentage of their pre-tax annual compensation to the deferred compensation plan. The Company also offers a deferred compensation plan to its Board of Directors, under which directors may elect to defer the receipt of compensation for their services. The Company also has remaining obligations under other deferred compensation plans, primarily related to acquired companies. Total deferred compensation plan assets, which are included within other long-term assets in the consolidated balance sheets, totaled $33.7 million and $29.0 million as of December 31, 2025 and 2024, respectively. Total deferred compensation plan liabilities, which are included within other long-term liabilities in the consolidated balance sheets, totaled $36.8 million and $35.4 million as of December 31, 2025 and 2024, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course of its business, including project contract price and other project disputes, other project-related liabilities and acquisition purchase price disputes. MasTec cannot provide assurance that it will be successful in recovering all or any of the potential damages it has claimed or in defending claims against the Company. The outcome of such cases, claims and disputes cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. Other Commitments and Contingencies Leases. In the ordinary course of business, the Company enters into non-cancelable operating leases for certain of its facility, vehicle and equipment needs, including certain related party leases. See Note 9 - Lease Obligations and Note 16 - Related Party Transactions. Letters of Credit. In the ordinary course of business, the Company is required to post letters of credit for its insurance carriers and surety bond providers and in support of performance under certain contracts as well as certain obligations associated with the Company’s equity investments and other strategic arrangements, including its VIEs. In addition, from time to time, certain customers require the Company to post letters of credit to ensure payment of subcontractors and vendors, and guarantee performance under contracts. Such letters of credit are generally issued by a bank or similar financial institution. The letter of credit commits the issuer to pay specified amounts to the holder of the letter of credit under certain conditions. If this were to occur, the Company would be required to reimburse the issuer of the letter of credit, which, depending upon the circumstances, could result in a charge to earnings. As of December 31, 2025 and 2024, there were $90.5 million and $81.7 million, respectively, of letters of credit issued under the Company’s credit facilities. Letter of credit claims have historically not been material. The Company is not aware of any material claims relating to its outstanding letters of credit as of December 31, 2025 or 2024. Performance and Payment Bonds. In the ordinary course of business, MasTec is required by certain customers to provide performance and payment bonds for contractual commitments related to its projects. These bonds provide a guarantee to the customer that the Company will perform under the terms of a contract and that the Company will pay its subcontractors and vendors. If the Company fails to perform under a contract or to pay its subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company must reimburse the surety for expenses or outlays it incurs. As of December 31, 2025 and 2024, outstanding performance and payment bonds approximated $10.9 billion and $7.6 billion, respectively, and estimated costs to complete projects secured by these bonds totaled $4.6 billion and $2.2 billion as of December 31, 2025 and 2024, respectively. Included in these balances as of December 31, 2025 and 2024 are $1.1 billion and $838.7 million, respectively, of outstanding performance and payment bonds issued on behalf of the Company’s proportionately consolidated non-controlled contractual joint ventures, representing the Company’s proportionate share of the total bond obligation for the related projects. Investment and Strategic Arrangements. The Company holds undivided interests, ranging from 85% to 90%, in multiple proportionately consolidated non-controlled contractual joint ventures that provide infrastructure construction services for electrical transmission projects, as well as undivided interests, ranging from 25% to 50%, in each of nine civil construction projects. Income and/or loss incurred by these joint ventures is generally shared proportionally by the respective joint venture members, with the members of the joint ventures jointly and severally liable for all of the obligations of the joint venture. The respective joint venture agreements provide that each joint venture partner indemnify the other party for any liabilities incurred by such joint venture in excess of its ratable portion of such liabilities. Thus, it is possible that the Company could be required to pay or perform obligations in excess of its share if the other joint venture partners fail or refuse to pay or perform their respective share of the obligations. As of December 31, 2025, the Company was not aware of material future claims against it in connection with these arrangements. For the year ended December 31, 2023 the Company provided $0.5 million of project-related financing to its contractual joint ventures, which amount was outstanding as of both the years ended December 31, 2025 and 2024. One of the Company’s subsidiaries has a subcontracting arrangement with a contractual joint venture in which it holds a 35% undivided interest, for which the related project was completed in 2022. Outstanding performance guarantees on behalf of this contractual joint venture totaled Canadian $9.7 million as of both December 31, 2025 and 2024, or approximately $7.1 million and $6.7 million, respectively. The Company has other investment and strategic arrangements, under which it may incur costs or provide financing, performance, financial and/or other guarantees. See Note 4 - Fair Value of Financial Instruments and Note 16 - Related Party Transactions for additional information pertaining to the Company’s investment and strategic arrangements. Self-Insurance. MasTec maintains insurance policies for workers’ compensation, general liability and automobile liability, which are subject to per claim deductibles. The Company is self-insured up to the amount of the deductible. The Company also maintains excess umbrella coverage. The Company manages certain of its insurance liabilities indirectly through its wholly-owned captive insurance company, which reimburses claims up to the applicable insurance limits. Captive insurance-related cash balances totaled approximately $3.3 million and $2.2 million as of December 31, 2025 and 2024, respectively, which amounts are generally not available for use in the Company’s other operations. As of December 31, 2025 and 2024, MasTec’s estimated gross liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $306.8 million and $251.0 million, respectively, of which $224.9 million and $184.1 million, respectively, were reflected within other long-term liabilities, with the remainder reflected within other accrued expenses, in the consolidated balance sheets as of the respective periods. Related insurance recoveries/receivables totaled $25.2 million and $24.4 million as of December 31, 2025 and 2024, respectively, of which $22.4 million and $21.4 million was reflected within other long-term assets, with the remainder reflected within other current assets, in the consolidated balance sheets as of the respective periods. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses. MasTec’s estimated liability for employee group medical claims totaled $2.3 million and $4.7 million as of December 31, 2025 and 2024, respectively. The Company is required to post collateral, generally in the form of letters of credit, surety bonds and cash to certain of its insurance carriers. Insurance-related letters of credit for the Company’s workers’ compensation, general liability and automobile liability policies amounted to $7.4 million and $8.7 million as of December 31, 2025 and 2024, respectively. Outstanding surety bonds related to self-insurance programs amounted to $198.6 million and $196.3 million as of December 31, 2025 and 2024, respectively. Employment Agreements. The Company has employment agreements with certain executives and other employees, which provide for compensation and certain other benefits and for severance payments under certain circumstances. Certain employment agreements also contain clauses that become effective upon a change in control of the Company. Upon the occurrence of any of the defined events in the various employment agreements, the Company would be obligated to pay certain amounts to the related employees, which vary with the level of the employees’ respective responsibility. Collective Bargaining Agreements and Multiemployer Plans. As discussed in Note 1 - Business, Basis of Presentation and Significant Accounting Policies and Note 11 - Other Retirement Plans, certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees, which require the Company to pay specified wages, provide certain benefits and contribute certain amounts to MEPPs. The Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980 (collectively, “ERISA”), which governs U.S.-registered MEPPs, subjects employers to substantial liabilities in the event of an employer’s complete or partial withdrawal from, or upon termination of, such plans. The Company currently contributes, and in the past, has contributed, to plans that are underfunded, and, therefore, could have potential liability associated with a voluntary or involuntary withdrawal from, or termination of, these plans. As of December 31, 2025, the Company does not have plans to withdraw from, and is not aware of circumstances that would reasonably lead to material claims against it, in connection with the MEPPs in which it participates. There can be no assurance, however, that the Company will not be assessed liabilities in the future, including in the form of a surcharge on future benefit contributions or increased contributions on underfunded plans. The amount the Company could be obligated to pay or contribute in the future cannot be estimated, as these amounts are based on future levels of work of the union employees covered by these plans, investment returns, which could be negatively affected by economic and market conditions, and the level of underfunding of such plans. In connection with the IEA acquisition in 2022, the Company assumed a multiemployer pension plan withdrawal liability, under which IEA was obligated to make monthly payments of approximately $10,000. As of December 31, 2024, the remaining obligation approximated $1.3 million, which the Company settled in January 2025 by issuing a lump-sum payment. Indemnities. The Company generally indemnifies its customers for the services it provides under its contracts, as well as other specified liabilities, which may subject the Company to indemnity claims, liabilities and related litigation. As of December 31, 2025 and 2024, the Company had accrued project close-out liabilities of approximately $5 million and $20 million, respectively. The Company is not aware of any other material asserted or unasserted claims in connection with its potential indemnity obligations. Other Guarantees. From time to time in the ordinary course of its business, MasTec guarantees the obligations of its subsidiaries, including obligations under certain contracts with customers, certain lease obligations and in some states, obligations in connection with obtaining contractors’ licenses. MasTec has also issued performance and other guarantees in connection with certain of its equity investments. MasTec also generally warrants the work it performs following substantial completion of a project. Much of the work performed by the Company is evaluated for defects shortly after the work is completed. If warranty claims occur, the Company could be required to repair or replace warrantied items, or, if customers elect to repair or replace the warrantied item using the services of another provider, the Company could be required to pay for the cost of the repair or replacement. Warranty claims have historically not been material. Concentrations of Risk. The Company is subject to certain risk factors, including, but not limited to: risks related to market conditions, market uncertainty, including from economic downturns or other economic factors, including levels of inflation and rates of interest; supply chain disruptions; governmental and/or regulatory changes, including trade policies, governmental permitting, or from climate-related matters, or other factors affecting the industries in which the Company operates; changes in customers’ capital spending plans; the Company’s ability to manage projects effectively and in accordance with management’s estimates and resolution of unapproved change orders; risks related to the Company’s acquisitions, including acquisition integration and financing; availability of qualified employees; risks related to rapid technological changes or customer consolidation; competition; the nature of the Company’s contracts, which do not obligate its customers to undertake any infrastructure projects and may be canceled on short notice; customer disputes related to the performance of services; exposure to litigation; seasonality, adverse weather conditions and fluctuations in operational factors; potential exposure to environmental liabilities; exposure from system or information technology interruptions; recoverability of goodwill; collectibility of receivables; the adequacy of the Company’s reserves; public health matters; exposure related to strategic investments or foreign operations; and exposure to multiemployer pension plan liabilities. The Company grants credit, generally without collateral, to its customers. Consequently, the Company is subject to potential credit risk related to changes in business and economic factors, including from current economic uncertainty. However, MasTec generally has certain lien rights on that work and maintains a diverse customer base. The Company believes its billing and collection policies are adequate to minimize potential credit risk. MasTec’s customers include: wireless and wireline/fiber service providers; broadband operators; install-to-the-home service providers; public and private energy providers, including renewable and other energy providers; pipeline operators; civil, transportation and industrial infrastructure providers; and government entities. The industries served by MasTec’s customers include the communications, energy and utilities industries, including the power industry, among others. The Company had approximately 1,800 customers for the year ended December 31, 2025. As of December 31, 2025, one customer accounted for approximately 10% of the Company’s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue. As of December 31, 2024, no customer represented greater than 10% of the Company’s consolidated net accounts receivable position. For the years ended December 31, 2025, 2024 and 2023, the Company derived 34%, 35% and 38%, respectively, of its revenue from its top ten customers.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

(in millions)


			Additions
	Balance at Beginning of Period		Charges to Cost and Expense			Other Additions		(Deductions)			Balance at End of Period
Year ended December 31, 2025
Allowance for credit losses	$	19.1	$	2.4	(a)	$	—	$	(3.6)	(b)	$	17.9
Allowance for unbilled receivables and project close-out liabilities	64.4		8.5		(a)	—		(32.7)		(b)	40.2
Valuation allowance for deferred tax assets	64.7		5.2		(c)	—		(8.9)		(d)	61.0
Total	$	148.2	$	16.1		$	—	$	(45.2)		$	119.1
Year ended December 31, 2024
Allowance for credit losses	$	15.1	$	9.9	(a)	$	—	$	(5.9)	(b)	$	19.1
Allowance for unbilled receivables and project close-out liabilities	83.0		8.6		(a)	—		(27.2)		(b)	64.4
Valuation allowance for deferred tax assets	60.4		9.6		(c)	—		(5.3)		(d)	64.7
Total	$	158.5	$	28.1		$	—	$	(38.4)		$	148.2
Year ended December 31, 2023
Allowance for credit losses	$	8.4	$	12.7	(a)	$	—	$	(6.0)	(b)	$	15.1
Allowance for unbilled receivables and project close-out liabilities	117.0		34.0		(a)	—		(68.0)		(b)	83.0
Valuation allowance for deferred tax assets	87.6		2.8		(c)	—		(30.0)		(d)	60.4
Total	$	213.0	$	49.5		$	—	$	(104.0)		$	158.5

(a) Provisions for receivables and project close-out liabilities.

(b) Write-offs of and reversals for receivables and project close-out liabilities.

(d) Deductions related to federal, foreign and state attributes.

Business, Basis of Presentation and Significant Accounting Policies - Leases (Details)	12 Months Ended
	Dec. 31, 2025
Maximum
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Line Items]
Lease, term of contract	13 years
Maximum \| Equipment Leases
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Line Items]
Lease, renewal term	5 years
Maximum \| Facility Leases
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Line Items]
Lease, renewal term	5 years
Minimum \| Equipment Leases
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Line Items]
Lease, renewal term	1 year
Minimum \| Facility Leases
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Line Items]
Lease, renewal term	1 year

Fair Value of Financial Instruments - The Waha JVs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, net investment	$ 377,000	$ 330,000
Equity in earnings	31,964	30,228	$ 30,697
Unrealized (losses) gains on investment activity	(5,952)	349	(3,737)
Waha JVs
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, cumulative undistributed earnings	146,800
Equity method investments, net investment	290,000	287,000
Equity in earnings	32,900	30,800	30,300
Distribution of earnings	24,400	18,000	15,400
Unrealized gains (losses) on equity investee activity, before tax	(8,000)	500	(5,000)
Unrealized (losses) gains on investment activity	$ (6,000)	$ 300	$ (3,700)

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Fair Value of Financial Instruments - Schedule of Earn-out Liabilities (Details) - Earn-Out Liabilities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of beginning of period	$ 112.7	$ 77.4	$ 127.4
Additions	12.8	56.1	1.4
Fair value adjustments	(3.5)	5.2	(12.6)
Payments	(49.4)	(26.1)	(38.8)
Balance as of end of period	72.6	112.7	$ 77.4
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Nonoperating Income (Expense)
Mandatorily Redeemable Stock
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value adjustments			$ (12.3)
Other Current Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of beginning of period	70.0
Balance as of end of period	$ 28.2	$ 70.0

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retainage, expected collection period (in years)	1 year
Contract assets	$ 2,001,913	$ 1,555,807	$ 1,756,400
Accounts receivable, credit loss expense (reversal)	(500)	4,800
Amounts charged against the allowance	700	800
Contract liabilities	747,730	735,625	481,000
Contract with customer liability deferred revenue current	741,000	725,100	475,200
Deferred revenue, revenue recognized	705,600	416,800	363,300
Interest expense, net	172,985	193,266	234,405
Financing Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from sale of receivables	555,000	442,000	131,000
Value of receivables sold	172,000	84,000
Interest expense, net	$ 23,800	$ 20,700	$ 12,900
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retainage, percentage of contract billings	5.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Retainage, percentage of contract billings	10.00%

Commitments and Contingencies - Concentrations of Risk (Details) - customer	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Number of customers	1,800
One Customer \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage of total	10.00%
Ten Largest Customers \| Revenue Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage of total	34.00%	35.00%	38.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Segments and Related Information - Schedule of Financial Information by Reportable Segment - Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets:
Consolidated assets	$ 9,923,542	$ 8,975,275	$ 9,373,500
Reportable Segments \| Communications
Assets:
Consolidated assets	1,962,300	1,673,800	1,729,100
Reportable Segments \| Clean Energy and Infrastructure
Assets:
Consolidated assets	2,816,600	2,706,400	2,978,800
Reportable Segments \| Power Delivery
Assets:
Consolidated assets	2,621,600	2,489,900	2,440,200
Reportable Segments \| Pipeline Infrastructure
Assets:
Consolidated assets	1,928,700	1,599,700	1,758,000
Reportable Segments \| Other
Assets:
Consolidated assets	364,000	318,200	305,000
Corporate
Assets:
Consolidated assets	$ 230,300	$ 187,300	$ 162,400

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions, Goodwill and Other Intangible Assets, Net - Acquisitions (Details) $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 26, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) acquisition	Dec. 31, 2023 USD ($) acquisition
Business Combinations [Line Items]
Payments to acquire businesses, net of cash acquired		$ 71,044	$ 79,933	$ 69,388
Equipment Company Acquisition Two
Business Combinations [Line Items]
Number of companies acquired \| acquisition				2
2026 Acquisitions \| Subsequent Event
Business Combinations [Line Items]
Equity interest	86.00%
Business combination, consideration transferred	$ 262,000
Fair value of the noncontrolling interest	$ 42,000
2025 Acquisitions
Business Combinations [Line Items]
Payments to acquire businesses, net of cash acquired		$ 87,000
Earn-out liability term		5 years
Business combination, contingent consideration, liability		$ 13,000
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high		20,000
Business combinations, goodwill, expected tax deductible amount		33,000
2024 Acquisitions
Business Combinations [Line Items]
Equity interest			60.00%
Payments to acquire businesses, net of cash acquired			$ 88,000
Earn-out liability term			5 years
Business combination, contingent consideration, liability			$ 56,000
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high		27,000
Business combinations, goodwill, expected tax deductible amount		47,000
Business combinations, number of acquisitions \| acquisition			3
2024 Canadian Acquisition \| Pipeline Infrastructure
Business Combinations [Line Items]
Equity interest			40.00%
2023 Acquisitions
Business Combinations [Line Items]
Payments to acquire businesses, net of cash acquired				$ 70,000
Business combination, contingent consideration, liability				$ 1,000
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high		300
Business combinations, goodwill, expected tax deductible amount		$ 41,000
Business combinations, number of acquisitions \| acquisition				4

Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Future Minimum Lease Commitments, Finance Leases

Future minimum lease commitments as of December 31, 2025 were as follows (in millions):


	Finance Leases		Operating Leases
2026	$	141.3	$	195.3
2027	101.5		145.0
2028	74.7		94.6
2029	43.3		38.8
2030	11.2		12.7
Thereafter	—		28.2
Total minimum lease payments	$	372.0	$	514.6
Less amounts representing interest	(28.4)		(46.2)
Total lease obligations, net of interest	$	343.6	$	468.4
Less current portion	131.7		175.6
Long-term portion of lease obligations, net of interest	$	211.9	$	292.8

Schedule of Future Minimum Lease Commitments, Operating Leases

Future minimum lease commitments as of December 31, 2025 were as follows (in millions):


	Finance Leases		Operating Leases
2026	$	141.3	$	195.3
2027	101.5		145.0
2028	74.7		94.6
2029	43.3		38.8
2030	11.2		12.7
Thereafter	—		28.2
Total minimum lease payments	$	372.0	$	514.6
Less amounts representing interest	(28.4)		(46.2)
Total lease obligations, net of interest	$	343.6	$	468.4
Less current portion	131.7		175.6
Long-term portion of lease obligations, net of interest	$	211.9	$	292.8

Summary of Weighted Average Remaining Lease Terms and Discount Rates for Finance and Non-Cancelable Operating Leases

The following table presents weighted average remaining lease terms and discount rates for finance and non-cancelable operating leases as of the dates indicated:


	December 31,
	2025		2024
Weighted average remaining lease term (in years):
Finance leases	3.1		2.7
Operating leases	3.4		3.7
Weighted average discount rate:
Finance leases	4.9	%	4.8	%
Operating leases	5.2	%	5.1	%

Fair Value of Financial Instruments - Equity Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, net investment	$ 377,000,000	$ 330,000,000
Equity investments, adjusted cost basis, amount	19,000,000	18,000,000
Equity investments, impairments	$ 0	0	$ 3,000,000
Waha JVs
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investment, ownership percentage	33.00%
Equity method investments, net investment	$ 290,000,000	287,000,000
Battery Recycling Company
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investment, ownership percentage	15.00%
Equity method investments	$ 49,000,000
Equity method investment, difference between carrying amount and underlying equity	$ 0
CCI
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity investment, ownership percentage	15.00%
Equity investments, adjusted cost basis, amount	$ 15,000,000	15,000,000
FM Tech
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments, net investment	$ 15,000,000	$ 17,000,000

Lease Obligations - Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Leased Assets [Line Items]
Operating leases, additions	$ 241.4	$ 166.8	$ 224.6
Operating lease expense	229.7	195.8	162.1
Operating leases, variable lease costs	20.8	17.8	15.8
Operating leases, short-term leases, expense	$ 686.9	$ 547.0	$ 608.2

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025	Dec. 31, 2023
Auditor Information [Line Items]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Miami, Florida
Auditor Firm ID	238
BDO USA, P.C.
Auditor Information [Line Items]
Auditor Name		BDO USA, P.C.
Auditor Location		Miami, Florida
Auditor Firm ID		243
Deloitte & Touche LLP
Auditor Information [Line Items]
Auditor Name		Deloitte & Touche LLP
Auditor Location		Indianapolis, Indiana
Auditor Firm ID		34

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity risk management is an important part of MasTec's overall risk management efforts. We maintain a comprehensive enterprise-wide information security program that comprises policies and controls designed to identify, safeguard against, detect, respond to, mitigate and manage reasonably foreseeable cybersecurity risks and threats. Our approach utilizes diverse security tools to prevent, identify, investigate, resolve and recover from vulnerabilities and security incidents. These include, but are not limited to, internal reporting, monitoring and detection tools. We use a collaborative, enterprise-wide strategy to address cybersecurity risks and allocate significant resources to our cybersecurity and risk management processes, which efforts are intended to adapt to the evolving cybersecurity landscape and promptly address emerging threats. Our cybersecurity risk management program aligns with the National Institute of Standards and Technology framework and is organized into five key functions: identification, protection, detection, response and recovery. We regularly assess the threat landscape and employ a layered cybersecurity strategy to prevent, detect and mitigate threats. We regularly collect data on cybersecurity threats and risk areas and conduct periodic external penetration and other tests to assess the effectiveness of our processes and procedures. We assess risks associated with third-party providers as part of our overall cybersecurity risk management framework by reviewing system and organization controls reports, when available, and other independent reports. We also generally require third parties to, among other things, maintain security controls to protect our confidential information and to promptly notify us of material breaches that may impact our data. We engage third-party industry cybersecurity experts to evaluate and review our cybersecurity programs. Our cybersecurity risk management program encompasses such items as simulations, drills, assessments, and tabletop exercises with management's participation and incorporates third-party industry cybersecurity experts and advisors as appropriate. These simulations, drills and assessments are conducted to test our defenses from both a technical and an operational perspective. In addition, all employees with access to our information technology systems undergo security awareness training, with regular testing through simulated phishing emails. Certain employee positions require additional role-based, specialized security awareness or other cybersecurity training, as applicable. We also maintain a security operations center, which is staffed 24/7, to strengthen our monitoring and alerting efforts. We face cybersecurity threats in the ordinary course of our business and have experienced cybersecurity threats and breach attempts in the past. Such threats and breach attempts have not materially affected our business, strategy, results of operations or financial condition. At any given time, however, we may face known or unknown cybersecurity risks and threats that cannot be fully prevented or mitigated, and we may discover vulnerabilities in our cybersecurity programs. Therefore, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. For more information on the cybersecurity risks we face, please refer to “We rely on information, communications and data systems in our operations. Systems and information technology interruptions and/or data security breaches could adversely affect our ability to operate, our operating results, our data security or our reputation.” in Item 1A. “Risk Factors.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Cybersecurity risk management is an important part of MasTec's overall risk management efforts. We maintain a comprehensive enterprise-wide information security program that comprises policies and controls designed to identify, safeguard against, detect, respond to, mitigate and manage reasonably foreseeable cybersecurity risks and threats. Our approach utilizes diverse security tools to prevent, identify, investigate, resolve and recover from vulnerabilities and security incidents. These include, but are not limited to, internal reporting, monitoring and detection tools. We use a collaborative, enterprise-wide strategy to address cybersecurity risks and allocate significant resources to our cybersecurity and risk management processes, which efforts are intended to adapt to the evolving cybersecurity landscape and promptly address emerging threats. Our cybersecurity risk management program aligns with the National Institute of Standards and Technology framework and is organized into five key functions: identification, protection, detection, response and recovery. We regularly assess the threat landscape and employ a layered cybersecurity strategy to prevent, detect and mitigate threats.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors has oversight of our enterprise risk assessment and risk management processes, as well as the steps taken to mitigate these risks, including for cybersecurity matters. The Audit Committee of our Board of Directors has oversight of cybersecurity risk assessment and risk management policies as part of its risk management oversight responsibilities, and is responsible for ensuring that the Company has processes in place to identify, evaluate and manage cybersecurity risks, as well as appropriate processes and programs to mitigate cybersecurity incidents if they occur. The Audit Committee actively engages in cybersecurity risk discussions and receives periodic updates on the Company's cybersecurity program from our CISO, including updates on various cybersecurity matters such as risk assessments, threats, incidents, prevention, detection and remediation of incidents, mitigation strategies, areas of emerging risk and industry trends, among other topics. Significant cybersecurity matters, including those related to incidents, are escalated to the Board of Directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity program is led by our Chief Information Security Officer (“CISO”), who reports to our Chief Information Officer (“CIO”). Our CISO is responsible for identifying, assessing and managing material cybersecurity risks, establishing processes to monitor such risks, putting appropriate mitigation measures in place, maintaining appropriate policies and procedures for our cybersecurity program and providing periodic updates to the Audit Committee of our Board of Directors.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity program is led by our Chief Information Security Officer (“CISO”), who reports to our Chief Information Officer (“CIO”). Our CISO is responsible for identifying, assessing and managing material cybersecurity risks, establishing processes to monitor such risks, putting appropriate mitigation measures in place, maintaining appropriate policies and procedures for our cybersecurity program and providing periodic updates to the Audit Committee of our Board of Directors. To this end, our cybersecurity team conducts annual reviews of enterprise-level cybersecurity risks. Additionally, we maintain company-wide policies and procedures concerning cybersecurity matters, which are subject to annual internal review, or more frequently, as warranted. MasTec's CISO oversees the development and implementation of our information security program and reports on cybersecurity matters to the Audit Committee. Our CISO has over 15 years of experience in cybersecurity oversight and holds industry-recognized information security certifications, such as the Certified Information Systems Security Professional (CISSP). The CISO is supported by our cybersecurity team composed of personnel with a broad range of professional cybersecurity experience and expertise, and also includes members with industry-recognized information security certifications.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity program is led by our Chief Information Security Officer (“CISO”), who reports to our Chief Information Officer (“CIO”). Our CISO is responsible for identifying, assessing and managing material cybersecurity risks, establishing processes to monitor such risks, putting appropriate mitigation measures in place, maintaining appropriate policies and procedures for our cybersecurity program and providing periodic updates to the Audit Committee of our Board of Directors. To this end, our cybersecurity team conducts annual reviews of enterprise-level cybersecurity risks. Additionally, we maintain company-wide policies and procedures concerning cybersecurity matters, which are subject to annual internal review, or more frequently, as warranted. MasTec's CISO oversees the development and implementation of our information security program and reports on cybersecurity matters to the Audit Committee. Our CISO has over 15 years of experience in cybersecurity oversight and holds industry-recognized information security certifications, such as the Certified Information Systems Security Professional (CISSP). The CISO is supported by our cybersecurity team composed of personnel with a broad range of professional cybersecurity experience and expertise, and also includes members with industry-recognized information security certifications. Our CISO routinely informs our CIO, Chief Financial Officer and other members of management, as appropriate, about threats, including assessments of threat levels, trends, incidents and related remediation plans, including matters related to the prevention, detection and remediation of any incidents in accordance with our cybersecurity program. Our Board of Directors has oversight of our enterprise risk assessment and risk management processes, as well as the steps taken to mitigate these risks, including for cybersecurity matters. The Audit Committee of our Board of Directors has oversight of cybersecurity risk assessment and risk management policies as part of its risk management oversight responsibilities, and is responsible for ensuring that the Company has processes in place to identify, evaluate and manage cybersecurity risks, as well as appropriate processes and programs to mitigate cybersecurity incidents if they occur. The Audit Committee actively engages in cybersecurity risk discussions and receives periodic updates on the Company's cybersecurity program from our CISO, including updates on various cybersecurity matters such as risk assessments, threats, incidents, prevention, detection and remediation of incidents, mitigation strategies, areas of emerging risk and industry trends, among other topics. Significant cybersecurity matters, including those related to incidents, are escalated to the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity program is led by our Chief Information Security Officer (“CISO”), who reports to our Chief Information Officer (“CIO”). Our CISO is responsible for identifying, assessing and managing material cybersecurity risks, establishing processes to monitor such risks, putting appropriate mitigation measures in place, maintaining appropriate policies and procedures for our cybersecurity program and providing periodic updates to the Audit Committee of our Board of Directors.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has over 15 years of experience in cybersecurity oversight and holds industry-recognized information security certifications, such as the Certified Information Systems Security Professional (CISSP). The CISO is supported by our cybersecurity team composed of personnel with a broad range of professional cybersecurity experience and expertise, and also includes members with industry-recognized information security certifications.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity program is led by our Chief Information Security Officer (“CISO”), who reports to our Chief Information Officer (“CIO”). Our CISO is responsible for identifying, assessing and managing material cybersecurity risks, establishing processes to monitor such risks, putting appropriate mitigation measures in place, maintaining appropriate policies and procedures for our cybersecurity program and providing periodic updates to the Audit Committee of our Board of Directors. To this end, our cybersecurity team conducts annual reviews of enterprise-level cybersecurity risks. Additionally, we maintain company-wide policies and procedures concerning cybersecurity matters, which are subject to annual internal review, or more frequently, as warranted. MasTec's CISO oversees the development and implementation of our information security program and reports on cybersecurity matters to the Audit Committee. Our CISO has over 15 years of experience in cybersecurity oversight and holds industry-recognized information security certifications, such as the Certified Information Systems Security Professional (CISSP). The CISO is supported by our cybersecurity team composed of personnel with a broad range of professional cybersecurity experience and expertise, and also includes members with industry-recognized information security certifications. Our CISO routinely informs our CIO, Chief Financial Officer and other members of management, as appropriate, about threats, including assessments of threat levels, trends, incidents and related remediation plans, including matters related to the prevention, detection and remediation of any incidents in accordance with our cybersecurity program.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Business, Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Business, Basis of Presentation and Significant Accounting Policies

Nature of the Business

MasTec, Inc. (collectively with its subsidiaries, “MasTec,” or the “Company”) is a leading North American infrastructure engineering and construction company focused primarily on engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure, such as: wireless, wireline/fiber; power delivery infrastructure, including transmission, distribution, grid hardening and modernization, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other.

In the first quarter of 2025, the Company made changes to its Communications and Power Delivery segment structures to more closely align with the segments’ end markets and to better correspond with the operational management reporting structures of both segments. These changes included moving a component with utility operations previously reported in the Communications segment to the Power Delivery segment. These changes did not impact the Company’s consolidated financial statements, but did impact its reportable segments, including historical financial information. See Note 14 - Segments and Related Information for additional information pertaining to the Company’s reportable segments. The segments are reported on a comparable basis for all periods presented.

Principles of Consolidation

The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity. Net income or loss attributable to non-controlling interests is reported as “Net income attributable to non-controlling interests” in the consolidated statements of operations. Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. When appropriate, prior year amounts are reclassified to conform with the current period presentation.

Translation of Foreign Currencies

The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates and revenue and expenses are translated at average rates of exchange during the applicable period, with resulting translation gains or losses included within other comprehensive income or loss. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net.

In these consolidated financial statements, “$” means U.S. dollars unless otherwise noted.

Management Estimates

The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions that management believes to be reasonable under the circumstances, including the potential future effects of macroeconomic trends and events, such as inflation and interest rate levels; uncertainty from potential market volatility; other market, industry and regulatory factors, including uncertainty related to the implementation and pace of governmental programs and initiatives and project permitting issues, and other regulatory matters or uncertainty; evolving trade and immigration policies; supply chain disruptions; climate-related matters; global events, such as military conflicts; and public health matters. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from these estimates if conditions change or if certain key assumptions used in making these estimates ultimately prove to be inaccurate.

Key estimates include: the recognition of revenue and project profit or loss, which the Company defines as project revenue less project costs of revenue, including project-related depreciation, in particular, on construction contracts accounted for under the cost-to-cost method, for which the recorded amounts require estimates of costs to complete and the amount and probability of variable consideration included in the contract transaction price; fair value estimates, including those related to goodwill and intangible assets, long-lived and other assets, equity investments, financial instruments, acquisition-related liabilities, including contingent consideration, other liabilities and debt obligations; useful lives of long-lived assets; self-insurance liabilities; allowances for credit losses; certain other accruals and allowances; income taxes; and the estimated effects of litigation and other contingencies.

Significant Accounting Policies

The following is a summary of significant accounting policies followed in the preparation of the accompanying consolidated financial statements.

Revenue Recognition

The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. For the years ended December 31, 2025, 2024 and 2023, consolidated revenue totaled approximately $14.3 billion, $12.3 billion and $12.0 billion, respectively.

Contracts. The Company derives revenue primarily from construction projects performed under: (i) master service and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which may be subject to one or multiple pricing models, including fixed price, unit price, time and materials, or cost plus a markup. Revenue derived from projects performed under master service and other service agreements totaled 44%, 41% and 40% of consolidated revenue for the years ended December 31, 2025, 2024 and 2023, respectively.

Revenue from contracts for specific projects, as well as for certain projects pursuant to master and other service agreements, is typically recognized over time using the cost-to-cost measure of progress, which is an input method. Such contracts provide that the customer accept completion of progress to date and compensate the Company for services rendered.

For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and certain other wireless services in the Company’s Communications segment. Point in time revenue is recognized when the work order has been fulfilled, which, for the majority of the Company’s point in time revenue, is the same day it is initiated. Point in time revenue accounted for approximately 1% of consolidated revenue for the year ended December 31, 2025, and totaled approximately 2% for both the years ended December 31, 2024 and 2023.

Contract costs include all direct materials, labor, equipment and subcontracted costs, as well as indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and the operational costs of capital equipment. Cost estimation processes used for recognizing revenue over time under the cost-to-cost method require management to make significant assumptions and judgments. Total transaction price and cost estimation processes are based primarily on the professional knowledge and experience of the Company’s project managers, operational and financial professionals, and other professional expertise, as warranted. Management reviews estimates of total contract transaction price and costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of the estimated amount and probability of variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s profit recognition. Changes in these factors could result in revisions to the amount of revenue recognized in the period in which the revisions are determined, which revisions could materially affect the Company’s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are estimated based on management’s experience and judgment. In each of the years ended December 31, 2025, 2024 and 2023, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2024, 2023 and 2022. Changes in recognized revenue, net, as a result of changes in total contract transaction price estimates, including from variable consideration, and/or changes in cost estimates, related to performance obligations satisfied or partially satisfied in prior periods, for the years ended December 31, 2025, 2024 and 2023, positively affected revenue by approximately 0.8%, 0.1% and 0.2%, respectively.

The Company may incur certain costs that can be capitalized, such as initial set-up or mobilization costs. Such capitalized costs, which are amortized over the life of the respective projects, were not material as of December 31, 2025 or 2024.

The timing of customer billings is generally dependent upon advance billing terms, milestone billings based on completion of certain phases of work, or when services are provided. Under the typical payment terms of master and other service agreements and contracts for specific projects, the customer makes progress payments based on quantifiable measures of performance by the Company as defined by each specific agreement. Progress payments, generally net of amounts retained, are paid by the customer over the duration of the contract. For install-to-the-home and certain other contracts and services, work orders are billed and paid as completed. Amounts billed and due from customers, as well as the value of contract assets, are generally classified within current assets in the consolidated balance sheets. See Note 5 - Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities for related discussion. Amounts expected to be collected beyond one year are classified as other long-term assets.

Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The Company’s contracts often require significant services to integrate complex activities and equipment into a single deliverable, and are therefore generally accounted for as a single performance obligation, even when delivering multiple distinct services. Contract amendments and change orders, which are generally not distinct from the existing contract, are typically accounted for as a modification of the existing contract and performance obligation.

When more than one contract is entered into with a customer on or close to the same date, the Company evaluates whether those contracts should be combined and accounted for as a single contract, as well as whether those contracts should be accounted for as one, or more than one, performance obligation. This evaluation requires significant judgment and is based on the facts and circumstances of the specific contracts.

Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of December 31, 2025, the amount of the Company’s remaining performance obligations was $14.6 billion. Based on current expectations, the Company anticipates it will recognize approximately $9.3 billion, or 63.7%, of its remaining performance obligations as revenue during 2026, with the majority of the remaining balance expected to be recognized over the subsequent two year period.

Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. Variable consideration is included in the estimated transaction price if it is probable that when the uncertainty associated with the variable consideration is resolved, there will not be a significant reversal of the cumulative amount of revenue that has been recognized. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on discussions, correspondence or preliminary negotiations and past practices with the customer, engineering studies and legal advice and all other relevant information that is reasonably available at the time of the estimate. The effect of variable consideration on the transaction price of a performance obligation is recognized as an adjustment to revenue, typically on a cumulative catch-up basis, as such variable consideration, which typically pertains to changed conditions and scope, is generally for services encompassed under the existing contract. To the extent unapproved change orders, claims and other variable consideration reflected in transaction prices are not resolved in the Company’s favor, or to the extent incentives reflected in transaction prices are not earned, there could be reductions in, or reversals of, previously recognized revenue.

As of December 31, 2025 and 2024, the Company’s contract transaction prices included approximately $229 million and $139 million, respectively, of change orders and/or claims for certain contracts that were in the process of being resolved in the ordinary course of its business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both December 31, 2025 and 2024, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments. The Company actively engages with its customers to complete the final approval process for such amounts and generally expects these processes to be completed within one year. Amounts ultimately realized upon final agreement by customers could be higher or lower than such estimated amounts.

Allowance for Credit Losses

The Company maintains an allowance for credit losses for its financial instruments, which are primarily composed of accounts receivable and contract assets. The measurement and recognition of credit losses involves the use of judgment and incorporates management’s estimate of expected lifetime credit losses based on historical experience and trends, current conditions and reasonable and supportable forecasts. Management’s assessment of expected credit losses includes consideration of current and expected economic, market and industry factors affecting the Company’s customers, including their financial condition; the aging of account balances; historical credit loss experience; customer concentrations; customer credit-worthiness; availability of mechanics’ and other liens; and the existence of payment bonds and other sources of payment, among other factors. Management evaluates its experience with historical losses and then applies this historical loss ratio to financial assets with similar characteristics. The Company’s historical loss ratio or its determination of risk pools may be adjusted for changes in customer, economic, market or other circumstances. The Company may also establish an allowance for credit losses for specific receivables when it is probable that a specific receivable will not be collected and the loss can be reasonably estimated. Amounts are written off against the allowance when they are considered to be uncollectible, and reversals of previously reserved amounts are recognized if a specifically reserved item is settled for an amount exceeding the previous estimate.

Estimates of expected credit losses could be affected by many factors, including, but not limited to: changes in credit loss experience, changes to the risk characteristics of the Company’s financial instrument portfolio, developing trends, including changes in management’s expectations of future economic, industry or other conditions and/or changes in credit quality or unanticipated financial difficulties affecting the Company’s customers. In addition, if anticipated recoveries in existing negotiations or bankruptcies fail to materialize, additional allowances may be required. Estimates of collectibility are subject to significant change during times of economic weakness or uncertainty in either the overall economy or within the industries served by MasTec. Management actively monitors these factors and assesses the sufficiency of its allowance for credit losses on an ongoing basis, including the potential effects of trends in end-market volatility and/or other macroeconomic factors on the credit quality of the Company’s customers and/or its financial assets, such as the current market environment of elevated interest rates and inflation.

Inventories

Inventories primarily consist of materials and supplies for construction and installation projects, which are valued at the lower of cost or net realizable value using the average cost or specific identification methods of costing. For materials or supplies purchased on behalf of specific customers or projects, loss of the customer or cancellation of the project could result in an impairment of the value of materials purchased. The value of inventory may also decrease due to obsolescence, physical deterioration, damage, changes in price levels, or other causes.

Cash and Cash Equivalents

The Company considers highly liquid investments with original maturities of less than three months to be cash equivalents. The balances in certain of the Company’s bank accounts exceed federally insured limits. Cash and cash equivalents consist primarily of interest-bearing demand deposits that are maintained at financial institutions that management considers to be of high credit quality. Included in the Company’s cash balances as of December 31, 2025 and 2024 are amounts held by entities that are proportionately consolidated totaling $45.0 million and $46.7 million, respectively. These amounts are available to support the operations of those entities, but are not available for the Company’s other operations.

Fair Value of Financial Instruments

The Company’s financial instruments are primarily composed of cash and cash equivalents, accounts receivable and contract assets, notes receivable, cash collateral deposited with insurance carriers, life insurance assets, equity investments, certain other assets and investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration and other liabilities, and debt obligations.

Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability, also referred to as the “exit price,” in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: (i) Level 1 - quoted market prices in active markets for identical assets or liabilities; (ii) Level 2 - observable market-based inputs or other observable inputs, including quoted market prices for identical or similar assets or liabilities in markets that are not active; and (iii) Level 3 - significant unobservable inputs that cannot be corroborated by observable market data, which are generally determined using valuation models incorporating management estimates of market participant assumptions. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Management’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.

Fair values of financial instruments are estimated using public market prices, quotes from financial institutions and other available information. Due to their short-term maturity, the carrying amounts of cash and cash equivalents, accounts receivable and contract assets, accounts payable and other current liabilities approximate their fair values, and management also believes that the carrying values of notes and other receivables, cash collateral deposited with insurance carriers and outstanding balances on the Company’s credit and term loan facilities approximate their fair values, based on their specific asset and/or liability characteristics, including having terms consistent with current market conditions.

Investment and Strategic Arrangements

From time to time, the Company may participate in selected investment or strategic arrangements to expand its operations, service offerings, customer base or geographic reach, including arrangements that combine the Company’s skills and resources with those of others to allow for the performance of particular projects. The Company’s investment and strategic arrangements include equity interests in various business entities and participation in contractual joint ventures, some of which may involve the extension of loans or other types of financing arrangements.

Management determines whether each business entity in which it has equity interests, debt, or other investments constitutes a variable interest entity (“VIE”) based on the nature and characteristics of such arrangements. If an investment arrangement is determined to be a VIE, then management determines if the Company is the VIE’s primary beneficiary by evaluating several factors, including the Company’s: (i) risks and responsibilities; (ii) ownership interests; (iii) decision making powers; and (iv) financial interests, among other factors. If management determines the Company is the primary beneficiary of a VIE, then that VIE would be consolidated, with the other parties’ interests in the VIE accounted for as non-controlling interests. The primary beneficiary consolidating a VIE must normally have both (i) the power to direct the primary activities of the VIE and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE, which, in either case, could be significant to the VIE. The Company has determined that certain of its investment arrangements are VIEs. See Note 4 - Fair Value of Financial Instruments for additional information pertaining to the Company’s VIEs.

The Company’s investments in entities for which it does not have a controlling interest and is not the primary beneficiary, but for which it has the ability to exert significant influence, are accounted for using the equity method of accounting. Under the equity method of accounting, the initial investment is recorded at cost and the investment is subsequently adjusted for the Company’s proportionate share of earnings or losses, including consideration of basis differences resulting from the difference between the initial carrying amount of the investment and the underlying equity in net assets. Equity method investments are recorded as other long-term assets in the Company’s consolidated balance sheets. Income or loss from these investments is recorded as a separate line item in the consolidated statements of operations. Intercompany profits or losses associated with the Company’s equity method investments are eliminated until realized by the investee in transactions with third parties. Distributions received from equity method investees are reflected in the statements of cash flows using the nature of distributions approach, under which distributions are classified based on the nature of the activity that generated them. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity.

Equity investments, other than those accounted for as equity method investments or those that are proportionately consolidated, are measured at fair value if their fair values are readily determinable. Equity investments that do not have readily determinable fair values are measured at cost, adjusted for changes from observable market transactions, if any, less impairment, which is referred to as the “adjusted cost basis.” The Company evaluates such investments for impairment by considering a variety of factors, including the earnings performance of the related investments, as well as the economic environment and market conditions in which the investees operate. Fair value measurements for the Company’s equity investments, which are recognized in other income or expense, as appropriate, were based on Level 3 inputs for the years ended December 31, 2025 and 2024.

For further information pertaining to the Company’s equity investments, see Note 4 - Fair Value of Financial Instruments.

Deferred Financing Costs

Deferred financing costs relate to the Company’s debt instruments, the short and long-term portions of which are reflected as deductions from the carrying amounts of the related debt instrument, including the Company’s senior unsecured credit facility. Deferred financing costs are amortized over the terms of the related debt instruments using the effective interest method. Deferred financing costs, net of accumulated amortization, totaled $14.9 million and $14.6 million as of December 31, 2025 and 2024, respectively. Amortization expense associated with deferred financing costs, which is included within interest expense, net, totaled $4.7 million, $4.6 million and $4.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. For the years ended December 31, 2025 and 2024, the Company deferred $5.4 million and $6.1 million, respectively, of financing costs in connection with its debt instruments, and no financing costs were deferred for the year ended December 31, 2023. For further information pertaining to the Company’s debt instruments, see Note 8 - Debt.

Other Long-Term Assets

Other long-term assets consist primarily of investments in unconsolidated entities, life insurance assets, deferred compensation plan assets, insurance recoveries/receivables, and other miscellaneous receivables.

Long-Lived Assets

The Company’s long-lived assets consist primarily of property and equipment, including finance lease assets, and other intangible assets, which are subject to amortization, consisting of customer relationships and backlog, trade names, pre-qualifications, non-compete agreements and others.

Purchased property and equipment is recorded at cost, or, if acquired in a business combination, at the acquisition date fair value. Finance lease assets are recognized based on the present value of minimum future lease payments. Certain costs incurred in connection with developing or obtaining internal-use software are capitalized within office equipment, furniture and internal-use software. Depreciation and amortization of property and equipment, including finance lease assets, is computed using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful lives of the improvements. Expenditures for repairs and maintenance are charged to expense as incurred. Expenditures for betterments and major improvements that extend the life of the related assets are capitalized and depreciated over the remaining useful lives of the assets. The carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the year of disposal. Gains or losses, net, from the sale of property and equipment are included within general and administrative expenses. When the Company identifies assets to be sold, those assets are valued based on their estimated fair value less costs to sell and classified as held-for-sale and depreciation is no longer recorded.

Other intangible assets are amortized over their useful lives, which are generally based on contractual or legal rights, in a manner consistent with the pattern in which the related benefits are expected to be consumed, or on a straight-line basis if that pattern cannot be reliably determined.

Management reviews long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared with the asset’s carrying amount to determine if there has been an impairment, which is calculated as the difference between the fair value of an asset and its carrying value. Estimates of future undiscounted cash flows are based on expected revenue and operating costs for the business as well as anticipated future economic conditions, which are Level 3 inputs. During the three years in the period ended December 31, 2025, there were no material impairments of long-lived assets.

Goodwill

The Company has recorded goodwill in connection with its acquisitions of businesses. Goodwill is not amortized, but instead is tested for impairment at least annually. The Company performs its annual impairment test of goodwill during the fourth quarter of each year, or more frequently if events or circumstances arise which indicate that the fair value of a reporting unit with goodwill is below its carrying amount. See below for details of the Company’s impairment testing for the years ended December 31, 2025, 2024 and 2023.

Goodwill is required to be tested for impairment at the reporting unit level. A reporting unit is an operating segment, or one level below the operating segment, which is referred to as a component. Management identifies its reporting units by assessing whether components (i) have discrete financial information available; (ii) engage in business activities; and (iii) have a segment manager that regularly reviews the component’s operating results. If two or more components are deemed economically similar, those components are aggregated into one reporting unit when performing the annual goodwill impairment test. All of the Company’s reporting units are each composed of one component.

During each of the three years in the period ended December 31, 2025, as part of the Company’s annual impairment test of goodwill, management performed a qualitative assessment of its reporting units by examining relevant events and circumstances that could have an effect on a reporting unit’s fair value, such as: macroeconomic trends and events, including levels of inflation, market interest rates and/or supply chain disruptions; industry and/or market conditions, including the potential effects of regulatory and other uncertainties, such as uncertainty related to the implementation and pace of spending under governmental infrastructure programs and initiatives and project permitting issues; financial, competitive and other conditions, including declines in the operating performance of the Company’s reporting units, and/or long-term changes in consumer behavior; entity-specific events; and other relevant factors or events that could affect earnings and cash flows.

Quantitative testing was performed for selected reporting units during each of the three years in the period ended December 31, 2025. Management estimated the fair values of the selected reporting units using a combination of market and income approaches using Level 3 inputs. Under the market approach, fair values were estimated using published market multiples for comparable companies and applying them to revenue and earnings before interest, taxes, depreciation and amortization (“EBITDA”). Under the income approach, a discounted cash flow methodology was used, considering: (i) management estimates, such as projections of revenue, operating costs and cash flows, taking into consideration historical and anticipated financial results; (ii) general economic, market and regulatory conditions; and (iii) the impact of planned business and operational strategies. Management believes the assumptions used in its quantitative goodwill impairment tests are reflective of the risks inherent in the business

models of the applicable reporting units and within the units’ industry. Estimated discount rates were determined using the weighted average cost of capital for each reporting unit at the time of the analysis, taking into consideration the risks inherent within each reporting unit individually.

2025 Assessment. During the first quarter of 2025, certain reporting units within the Communications and Power Delivery operating segments were restructured to more closely align with the segments’ end markets and to better correspond with the operational management reporting structure of both segments. Under both the current and previous reporting unit structures, each of the components within the Communications and Power Delivery operating segments is a reporting unit. Management performed goodwill impairment testing under both the current and previous reporting unit structures. Based on the results of the quantitative assessments, the estimated fair values of the impacted reporting units substantially exceeded their carrying values as of March 31, 2025, therefore no goodwill impairment existed. A 100 basis point increase in the discount rate would not have resulted in any of the tested reporting units’ carrying values exceeding their fair values.

During the fourth quarter of 2025, the Company completed its annual impairment test of goodwill as part of which it performed a qualitative assessment of all reporting units and concluded that it was more likely than not that the fair value of each reporting unit was greater than its carrying value. Accordingly, a quantitative goodwill impairment test was not required for any of the reporting units, and no goodwill impairment was recognized in 2025.

2024 and 2023 Assessments. The Company completed its annual goodwill impairment test for all of its reporting units during both of the years ended December 31, 2024 and 2023. In 2024, quantitative testing was performed for (i) two reporting units within the Communications operating segment; (ii) one reporting unit within the Clean Energy and Infrastructure operating segment; and (iii) one reporting unit within the Pipeline Infrastructure operating segment. In 2023, quantitative testing was performed for (i) three reporting units within the Clean Energy and Infrastructure segment; (ii) one reporting unit in the Power Delivery operating segment; and (iii) one reporting unit within the Pipeline Infrastructure operating segment. The Company determined there was no impairment as a result of its annual goodwill impairment test for any of its reporting units for both of the years ended December 31, 2024 and 2023.

Additionally, during the first quarter of 2024, the reporting units within the Power Delivery operating segment were restructured to more closely align with the segment’s end markets and to better correspond with the operational management reporting structure of the segment, including from the effects of the Company’s transformative acquisition efforts in prior years. Management performed goodwill impairment testing under both the updated and previous reporting unit structures and determined that no goodwill impairment existed.

As of December 31, 2025 and 2024, management believes that the recorded goodwill balances are recoverable; however, significant changes in the assumptions or estimates used in the Company’s analyses, such as a reduction in profitability and/or cash flows, changes in market, regulatory or other conditions, including decreases in project activity levels and/or the effects of elevated levels of inflation, interest rates or other regulatory or market disruptions, including from geopolitical events and/or changes in asset characteristics, could result in non-cash goodwill impairment charges in future periods.

Business Combinations

The determination of the fair value of net assets acquired in a business combination requires estimates and judgments of future cash flow expectations for the acquired business and the related identifiable tangible and intangible assets. Fair values of net assets acquired are calculated using expected cash flows and industry-standard valuation techniques. For current assets and current liabilities, book value is generally assumed to approximate fair value. Goodwill is the amount by which consideration paid for an acquired entity exceeds the fair value of its acquired net assets. A bargain purchase gain results when the fair value of an acquired entity’s net assets exceeds its purchase price, and is recorded within other income in the consolidated statements of operations. Acquisition costs are expensed as incurred and are included within general and administrative expenses in the consolidated statements of operations.

Due to the time required to gather and analyze the necessary data for each acquisition, U.S. GAAP provides a “measurement period” of up to one year from the date of acquisition in which to finalize these fair value determinations. During the measurement period, preliminary fair value estimates may be revised if new information is obtained about the facts and circumstances existing as of the date of acquisition, or based on the final net assets and working capital of the acquired business, as prescribed in the applicable purchase agreement. Such adjustments may result in the recognition of, or an adjustment to the fair values of, acquisition-related assets and liabilities and/or consideration paid, and are referred to as measurement period adjustments. Measurement period adjustments are recorded to goodwill. Other changes to fair value estimates, including those relating to facts and circumstances that occur subsequent to the date of acquisition, are reflected as income or expense in the consolidated statement of operations, as appropriate.

Consideration paid generally consists of cash and, from time to time, shares of the Company’s common stock, and potential future payments that are contingent upon the acquired business achieving certain levels of earnings in the future, also referred to as “acquisition-related contingent consideration” or “earn-outs.” Earn-out liabilities are measured at their estimated fair values as of the date of acquisition. Subsequent to the date of acquisition, if future Earn-out payments are expected to differ from Earn-out payments estimated as of the date of acquisition, any related fair value adjustments, including those related to finalization of completed earn-out arrangements, are recognized in the period that such expectation is considered probable. Changes in the fair value of Earn-out liabilities for the Company’s traditional earn-outs, other than those related to measurement period adjustments, as described above, are recorded within other income or expense in the consolidated statements of operations. Fair values of Earn-out liabilities are estimated using income approaches such as discounted cash flows or option pricing models, which are Level 3 inputs. Earn-out liabilities are included within other current and other long-term liabilities, as appropriate, within the consolidated balance sheets. Earn-out payments, to the extent they relate to estimated liabilities as of the date of acquisition, are classified within financing activities in the consolidated statements of cash flows. Earn-out payments in excess of acquisition date liabilities are classified within operating activities in the consolidated statement of cash flows.

Leases

In the ordinary course of business, the Company enters into agreements that provide financing primarily for machinery, equipment, and vehicles, including certain related party leases. The Company reviews all agreements to determine if a leasing arrangement exists. When a leasing arrangement is identified, a determination is made at inception as to whether the lease is an operating or a finance lease. A lease exists when a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In determining whether a lease exists, the Company considers whether a contract provides both the right to obtain substantially all of the economic benefits from the use of an asset and the right to direct the use of the asset. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of the minimum future lease payments over the expected term of the lease. The Company’s lease assets are primarily concentrated in vehicles, machinery and equipment.

Leases with an initial term of twelve months or less are classified as short-term leases and are not recognized in the consolidated balance sheets unless the lease contains a purchase option that is reasonably certain to be exercised, or unless it is reasonably certain that the equipment will be leased for greater than twelve months. The volume of lease activity for leases with an initial term of twelve months or less varies depending upon the number of ongoing projects at a given time, as well as the location and type of equipment required in connection with those projects. Lease payments for short-term leases are recognized on a straight-line basis over the lease term, and primarily relate to equipment used on construction projects, for which the rentals are based on daily, weekly or monthly rental rates, and typically contain termination for convenience provisions. Lease determinations are reassessed in the event of a change in lease terms. The Company has a limited number of sublease, equipment and other leasing arrangements, which are not considered material to the consolidated financial statements.

As of December 31, 2025, the Company’s leases have remaining lease terms of up to 13 years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for 1 to 5 years for both equipment and facility leases. Certain lease agreements may also contain options to purchase the leased property and/or options to terminate the lease. In addition, lease agreements may include periodic adjustments to payment amounts for inflation or other variables, or may require payments for taxes, insurance, maintenance or other expenses, which are generally referred to as non-lease components. The Company accounts for non-lease components together with the related lease components for all classes of leased assets. The Company’s lease agreements do not contain significant residual value guarantees or material restrictive covenants.

Lease term, discount rate, variable lease costs and future minimum lease payment determinations require the use of judgment, and are based on the facts and circumstances of each lease. Economic incentives, intent, past history and business needs are among the factors considered to determine if renewal and/or purchase options are reasonably certain to be exercised. The majority of the Company’s lease agreements do not explicitly state the discount rate implicit in the lease, therefore, the Company generally uses an incremental borrowing rate to determine the value of its lease obligations. The incremental borrowing rate represents the rate of interest that would be paid to borrow on a collateralized basis over a similar term. The Company determines its incremental borrowing rate using a portfolio approach based on information available as of the lease commencement date, including applicable lease terms and the current economic environment.

Finance Leases. Finance lease assets are recorded within property and equipment, with a corresponding amount recorded within the Company’s debt obligations. Finance lease expense is composed of depreciation expense on the leased asset and interest on the lease liability. Additions to finance leases are included within the supplemental disclosures of non-cash information in the consolidated statements of cash flows. Many of the Company’s finance leases contain a purchase option which the Company is reasonably certain to exercise at the end of the lease term, given that the purchase option prices are typically below the estimated fair market values of the related assets.

Operating Leases. Operating lease right-of-use assets and liabilities are recorded on the consolidated balance sheets, with the related lease expense recognized over the term of the lease on a straight-line basis. Operating lease expense is recorded as rent expense, primarily within costs of revenue, excluding depreciation and amortization. Fixed costs for operating leases are composed of initial base rent amounts plus any fixed annual increases. Variable costs for operating leases consist primarily of common area maintenance expenses and taxes for facility leases. Certain of the Company’s operating leases contain purchase options, for which the purchase option price is generally considered to be at fair market value. From time to time, the Company may terminate a lease before the end of the lease term. Payments related to such early lease terminations are generally recorded within general and administration expenses.

Supplier Financing Program

The Company has provided certain of its suppliers with access to a supplier finance program administered through a third party, which facilitates participating suppliers’ ability to finance payments due from the Company through third-party financial institutions. Participating suppliers may, at their sole discretion, receive payment of the Company’s obligation prior to the scheduled due dates, at a discounted price from the third party. The Company agrees to pay the financial institution the stated amount generally within 60 days of receipt of the invoice. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier’s decision to finance amounts under these arrangements. The Company does not have pledged assets or other guarantees under the program. The Company’s outstanding payment obligations are recorded within accounts payable in the consolidated balance sheets and the associated payments are included within operating activities in the consolidated statements of cash flows.

The following table presents the change in the supplier financing obligation for the year ended December 31, 2025 (in millions):


	Year ended December 31, 2025
Confirmed obligations outstanding at the beginning of the year	$	12.4
Invoices confirmed	711.5
Confirmed invoices paid	(598.3)
Confirmed obligations outstanding at the end of the year	$	125.6

Self-Insurance

The Company is self-insured up to the amount of its deductible for its insurance policies. MasTec maintains insurance policies subject to per claim deductibles of $2.0 million for its workers’ compensation policy and $25.0 million for each of its general liability and automobile liability policies. In addition, the Company also maintains excess umbrella coverage. The Company manages certain of its insurance liabilities indirectly through its wholly-owned captive insurance company, which reimburses claims up to the applicable insurance limits. Cash balances held by the Company’s captive insurance company are generally not available for use in the Company’s other operations.

Estimated liabilities under the Company’s insurance programs are accrued based upon management’s estimates of the ultimate liability for claims reported and an estimate of claims incurred but not reported, with assistance from third-party actuaries. For claims in excess of the deductible amounts, the Company records a receivable representing estimated recoveries associated with workers’ compensation, general liability and automobile claims. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses of $0.6 million. MasTec’s estimated liability for employee group medical claims is based on statistical analysis of historical claims experience and specific knowledge of actual losses that have occurred. The Company is required to post collateral, generally in the form of letters of credit, surety bonds and cash to certain of its insurance carriers. Cash collateral deposited with insurance carriers is included in other long-term assets in the consolidated balance sheets.

The present value of the Company’s self-insurance liability is reflected in the consolidated balance sheets within current and other long-term liabilities, as appropriate. The determination of such claims and expenses and the appropriateness of the related liability is reviewed and updated quarterly. These insurance liabilities are, however, difficult to assess and estimate due to many factors, the effects of which are often unknown or difficult to estimate, including the severity of an injury or an incident, the determination of the Company’s liability in proportion to other parties and the number of incidents not reported. Accruals are based upon known facts, historical trends and claims experience, loss development patterns and other actuarial assumptions. Although management believes its accruals are adequate, a change in experience or actuarial or management assumptions could materially affect the Company’s results of operations in a particular period.

Income Taxes

The Company records income taxes using the asset and liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement and income tax basis of the Company’s assets and liabilities. Income taxes are estimated in each of the jurisdictions in which the Company operates. This process involves estimating the tax exposure, together with assessing temporary differences resulting from differing treatment of items, such as deferred revenue, for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included, net, within the consolidated balance sheets as long-term assets or liabilities, as appropriate. The recording of a deferred tax asset assumes the realization of such asset in the future. Otherwise, a valuation allowance is recorded to reduce the asset to its estimated net realizable value. If management determines that the Company may not be able to realize all or part of a deferred tax asset in the future, a valuation allowance for the deferred tax asset is charged to income tax expense in the period the determination is made. Management considers future pretax income and ongoing prudent and feasible tax planning strategies in assessing the estimated net realizable value of tax assets and the corresponding need for any related valuation allowances.

In determining the provision for income taxes, management uses an effective tax rate based on annual pre-tax income, statutory tax rates, permanent tax differences and tax planning opportunities in the various jurisdictions in which the Company operates. The Company is generally free of additional U.S. federal tax consequences on distributed foreign subsidiary earnings. The Company has generally not provided for U.S. income taxes on unremitted foreign earnings because such earnings are considered to be insignificant.

Significant factors that can affect the Company’s annual effective tax rate include management’s assessment of certain tax matters, the location and amount of taxable earnings, changes in certain non-deductible expenses and expected credits.

An entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold. In the ordinary course of business, there is inherent uncertainty in quantifying income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based on management's evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company has recognized the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the Company's financial statements.

The Company and its subsidiaries file income tax returns in numerous tax jurisdictions, including U.S. federal, most U.S. states and certain foreign jurisdictions. Although management believes its calculations for its tax returns are accurate and the positions taken thereon are reasonable, the final outcome of income tax examinations could be materially different from the resolution management currently anticipates and the estimates that are reflected in the Company’s consolidated financial statements, which could materially affect the Company’s results of operations, cash flows and liquidity in a particular period. To the extent interest and penalties are assessed by taxing authorities, such amounts are accrued and included within income tax expense.

Stock-Based Compensation

The Company has certain stock-based compensation plans, under which restricted stock awards and restricted stock units (together, “restricted shares”) are available for issuance to eligible participants. Non-cash stock-based compensation expense is included within general and administrative expense in the consolidated statements of operations. Share-based payments, to the extent they are compensatory, are recognized based on their grant date fair values. Forfeitures are recorded as they occur. The Company records a deferred tax asset, or future tax benefit, based on the amount of share-based compensation recognized in the financial statements over the vesting period of share-based awards. The tax effects of differences between the fair value of a share-based award on the date of vesting and the date of grant, also referred to as excess tax benefits or tax deficiencies, are recognized within the provision for income taxes in the period such vesting occurs.

Grants of restricted shares are valued based on the closing market share price of MasTec’s common stock as reported on the New York Stock Exchange (the “market price”) on the date of grant. Compensation expense arising from restricted shares is recognized on a straight-line basis over the vesting period. Grants of restricted shares have cliff vesting terms, which generally vest over a period of three years. Upon vesting, some of the underlying shares may be sold to cover the required tax withholdings. Some participants may choose the net share settlement method to cover withholding tax requirements, in which case shares are not issued, but are treated as common stock repurchases in the consolidated financial statements, as they reduce the number of shares that would have been issued upon vesting. The Company then pays the corresponding withholding taxes to the appropriate taxing authorities in cash on behalf of the recipient. Withheld shares, which are valued at the market price on the trading day preceding the vesting date, are recorded as a reduction to additional paid-in capital, and related payments to taxing authorities are reflected within financing activities in the consolidated statements of cash flows. For the years ended December 31, 2025, 2024 and 2023, shares withheld in connection with stock-based compensation arrangements totaled 42,503, 33,451 and 118,636, respectively, and related payments to taxing authorities totaled $5.6 million, $2.9 million and $10.3 million, respectively.

The Company has certain employee stock purchase plans (collectively, “ESPPs”) under which shares of the Company’s common stock are available for purchase by eligible participants. Under the ESPPs, eligible participants are permitted to purchase MasTec, Inc. common stock at 85% of the fair market value of the shares on the date of purchase, which occurs on the last trading day of each two week offering period. At the Company’s discretion, share purchases may be satisfied by delivering either newly issued common shares, or common shares reacquired on the open market or in privately negotiated transactions.

Collective Bargaining Agreements and Multiemployer Plans

Certain of MasTec’s subsidiaries, including certain subsidiaries in Canada, are party to various collective bargaining agreements with unions representing certain of their employees. These agreements require the subsidiaries party to the agreements to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to multiemployer pension and other multiemployer benefit plans and trusts (“MEPPs”). These contributions are recorded as a component of employee wages and salaries within costs of revenue, excluding depreciation and amortization. Contributions are generally based on fixed amounts per hour per employee for employees covered under these plans. Multiemployer plan contribution rates are determined annually and are assessed on a “pay-as-you-go” basis based on union employee payrolls. The Pension Protection Act of 2006, as amended (the “PPA”), requires underfunded pension plans to improve their funding ratios within prescribed intervals based on their level of underfunding, under which benefit reductions may apply and/or participating employers could be required to make additional contributions. In addition, if a multiemployer defined benefit plan fails to satisfy certain minimum funding requirements, the Internal Revenue Service (the “IRS”) can impose on the employers contributing to such plans a non-deductible excise tax of 5% of the amount of the accumulated funding deficiency. Union payrolls cannot be determined for future periods because the number of union employees employed at a given time, and the plans in which they participate, vary depending upon the location and number of ongoing projects and the need for union resources in connection with those projects. The collective bargaining agreements expire at various times and have typically been renegotiated and renewed on terms similar to the ones contained in the expiring agreements.

Under current law pertaining to employers that are contributors to U.S.-registered multiemployer defined benefit plans, a plan’s termination, an employer’s voluntary withdrawal from, or the mass withdrawal of contributing employers from, an underfunded multiemployer defined benefit plan requires participating employers to make payments to the plan for their proportionate share of the multiemployer plan’s unfunded vested liabilities. These liabilities include an allocable share of the unfunded vested benefits of the plan for all plan participants, not only for benefits payable to participants of the contributing employer. As a result, participating employers may bear a higher proportion of liability for unfunded vested benefits if the other participating employers cease to contribute to, or withdraw from, the plan. The allocable portion of liability to participating employers could be more disproportionate if employers that have withdrawn from the plan are insolvent, or if they otherwise fail to pay their proportionate share of the withdrawal liability. If the Company is subject to a withdrawal liability, the related withdrawal charge is recorded as a component of employee wages and salaries within costs of revenue, excluding depreciation and amortization, with any related liability recorded within other current and/or other long-term liabilities, as appropriate. The Company’s participation in the multiemployer pension plans is evaluated by management on an ongoing basis. See Note 11 - Other Retirement Plans and Note 15 - Commitments and Contingencies.

Litigation and Contingencies

Accruals for litigation and contingencies are reflected in the consolidated financial statements based on management’s assessment, including advice of legal counsel, of the expected outcome of litigation or other dispute resolution proceedings and/or the expected resolution of contingencies. Costs incurred for litigation are expensed as incurred. Liabilities for estimated losses are accrued if the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount is reasonably estimable. Accruals are based on information available at the time of the assessment due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations in a given period.

Comprehensive Income (Loss)

Comprehensive income or loss is a measure of net income and other changes in equity that result from transactions other than those with shareholders. Comprehensive income or loss and related accumulated comprehensive income or loss balances consist of net income, foreign currency translation adjustments, primarily from fluctuations in foreign currency exchange rates of the Company’s foreign subsidiaries with a functional currency other than the U.S. dollar, and unrealized gains and losses from certain investment activities.

Recent Accounting Pronouncements

See the recent accounting pronouncements discussion below for information pertaining to the effects of recently adopted and other recent accounting pronouncements.

Accounting Pronouncements Adopted in 2025

In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”) to clarify existing guidance and reduce diversity in practice in the accounting for joint ventures. ASU 2023-05 addressed the accounting for contributions made to a joint venture upon formation in a joint venture’s separate financial statements. The provisions of this ASU required that a joint venture initially measure all contributions received upon its formation at fair value, largely consistent with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”). The amendments in this ASU were not applicable to the formation of proportionately consolidated joint ventures. ASU 2023-05 was effective prospectively for all joint ventures with a formation date on or after January 1, 2025, with early adoption permitted on a retrospective basis for joint ventures formed before January 1, 2025. The Company adopted this ASU prospectively in the first quarter of 2025, and its adoption did not have a material effect on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires greater standardization and disaggregation of categories within an entity’s tax rate reconciliation disclosure, as well as disclosure of income taxes paid by jurisdiction, among other requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 was effective on a prospective basis, with retrospective application permitted. The Company adopted this ASU prospectively as of and for the year-ended December 31, 2025, and its adoption only impacted the Company’s disclosures, and did not have a material effect on its consolidated financial statements or results of operations. See Note 13 - Income Taxes for additional information.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) to enhance the transparency and clarity of the components of specific expense categories in the income statement. ASU 2024-03 requires disclosure of additional information about specific expense categories underlying certain income statement expense line items. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses: Clarifying the Effective Date to clarify that all public business entities are required to adopt the guidance in annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03, and its related clarifying ASU, should be applied prospectively, with retrospective application permitted. The Company is currently evaluating the impact this ASU will have on its disclosures.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“ASU 2025-03”). ASU 2025-03 clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a variable interest entity that meets the definition of a business. ASU 2025-03 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years, with early adoption permitted. ASU 2025-03 is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. The Company does not expect that this ASU will have a material effect on its consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides a practical expedient that permits an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, with early adoption permitted. The amendments in ASU 2025-05 should be applied prospectively. The Company does not expect that this ASU will have a material effect on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 modernizes the accounting for internal-use software by eliminating the previous stage-based capitalization model so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The amendments in ASU 2025-06 should be applied prospectively, with retrospective application or a modified transition approach permitted. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). ASU 2025-11 improves existing guidance within ASC Topic 270 by clarifying the scope and applicability of the standard and by providing a comprehensive list of interim disclosure requirements. ASU 2025-11 also establishes a principle to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements.

Debt - Other Credit Facilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Line of credit facility, letters of credit issued	$ 90.5	$ 81.7
Line of Credit \| Performance Standby
Debt Instrument [Line Items]
Line of credit facility, letters of credit issued	33.4	$ 17.4
Letter of Credit \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50.0
Letter of Credit \| Line of Credit \| Performance Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end	0.50%	0.75%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Equity - Share Activity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Equity - Share Activity (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2025	May 31, 2025
Equity, Treasury Stock [Line Items]
Treasury stock acquired (in shares)		702,533
Treasury stock acquired, value		$ 77,326
Issuance of shares in connection with acquisition (in shares)	100,000
Issuance of shares in connection with acquisition	$ 3,100		$ 13,199	$ 403
March 2020 Share Repurchase Program
Equity, Treasury Stock [Line Items]
Share repurchase program, amount authorized, value					$ 150,000
2025 Share Repurchases Program
Equity, Treasury Stock [Line Items]
Share repurchase program, amount authorized, value						$ 250,000

Commitments and Contingencies - Indemnities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Indemnities, accrued project close-out liabilities	$ 5	$ 20

Other Retirement Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Other Retirement Plans

Multiemployer Plans

As discussed in Note 1 - Business, Basis of Presentation and Significant Accounting Policies, certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees, which require the Company to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to MEPPs. The PPA defines the funding rules for defined benefit pension plans and establishes funding classifications for U.S.-registered multiemployer pension plans. Under the PPA, plans are classified into one of five categories based on multiple factors, which categories are also referred to as a plan’s “zone status”: Green (safe), Yellow (endangered), Orange (seriously endangered), and Red (critical or critical and declining). Factors included in the determination of a plan’s zone status include: funded percentage, cash flow position and whether the plan is projecting a minimum funding deficiency.

A multiemployer plan that is so underfunded as to be in “endangered,” “seriously endangered,” “critical,” or “critical and declining” status, as determined under the PPA, is required to adopt a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”), which, among other actions, could include decreased benefits and increased employer contributions, which could take the form of a surcharge on benefit contributions. These actions are intended to improve their funding status over a period of years. If a pension fund is in critical status, a participating employer must pay an automatic surcharge in addition to contributions otherwise required under the collective bargaining agreement (“CBA”). With some exceptions, the surcharge is equal to 5% of required contributions for the initial critical year and 10% for each succeeding plan year in which the plan remains in critical status. The surcharge ceases on the effective date of a CBA or other agreement that includes contribution and benefit terms consistent with the rehabilitation plan. Certain plans in which the Company participates are in “endangered,” “seriously endangered,” “critical,” or “critical and declining” status. The amount of additional funds, if any, that the Company could be obligated to contribute to these plans in the future cannot be estimated due to the uncertainty of the future levels of work that could be required of the union employees covered by these plans, as well as the required future contribution rates and possible surcharges applicable to these plans. See Note 15 - Commitments and Contingencies for additional information.

Details of significant multiemployer pension plans as of and for the periods indicated, based upon information available to the Company from plan administrators, as well as publicly available information on the U.S. Department of Labor website, are provided in the following table:

Contributions
(in millions)
Year Ended December 31,

Pension Protection Act Zone Status

Multiemployer Pension Plan

Employer Identification Number

Plan Number

2025

2024

2023

Expiration Date of CBA

2025

As of

2024

As of

FIP/RP Status

Surcharge

National Electrical Benefit Fund

530181657

001

19.8

24.1

18.3

Varies through 12/31/2030

Green

12/31/2024

Green

12/31/2023

(a)

Central Pension Fund of the IUOE & Participating Employers

366052390

001

16.4

16.8

19.2

Varies through 3/31/2030

Green

1/31/2025

(a)

Green

1/31/2024

(a)

Local Union No.9 IBEW and Outside Contractors Pension Fund

516077720

001

7.3

3.5

7.2

Varies through 5/25/2030

Green

10/31/2024

(a)

Green

10/31/2023

(a)

IBEW Local 456 Pension Plan

226238995

001

6.3

3.9

3.1

12/21/2029

Green

12/31/2024

(a)

Green

12/31/2023

(a)

NECA-IBEW Pension Trust Fund

516029903

001

4.9

0.7

0.6

Varies through 5/31/2028

Green

5/31/2024

Green

5/31/2023

Pipeline Industry Pension Fund

736146433

001

4.4

3.8

6.0

Varies through 10/31/2026

Green

12/31/2024

(a)

Green

12/31/2023

(a)

Central Laborers' Pension Fund

376052379

001

4.3

3.0

2.3

Varies through 4/30/2030

Green

12/31/2024

(a)

Yellow

12/31/2023

(b)

Heavy & General Laborers' Local Unions 472 and 172 of New Jersey Pension Fund

226032103

001

3.6

3.5

3.7

Varies through 2/28/2027

Green

3/31/2025

(a)

Green

3/31/2024

(a)

Indiana Laborers Pension Fund

356027150

001

3.2

1.1

1.2

Varies through 5/31/2027

Green

5/31/2025

Green

5/31/2024

Chicago & Vicinity Laborers' District Council Pension Plan

362514514

002

2.9

2.0

1.4

Varies through 5/31/2028

Green

5/31/2024

Green

5/31/2023

Midwest Operating Engineers Pension Trust Fund

366140097

001

2.8

1.7

2.7

Varies through 5/31/2028

Green

3/31/2025

Green

3/31/2024

Construction Laborers Pension Trust for Southern California

436159056

001

2.6

2.9

Varies through 5/31/2028

Green

12/31/2024

Green

12/31/2023

(a)

Fox Valley & Vicinity Laborers Pension Fund

366147409

001

1.9

1.2

1.3

5/31/2026

Green

5/31/2024

(a)

Green

5/31/2023

(a)

Teamsters National Pipe Line Pension Plan

461102851

001

1.9

2.9

3.9

Varies through 6/30/2026

Green

12/31/2024

(a)

Green

12/31/2023

(a)

Laborers' National Pension Fund

751280827

001

1.7

1.6

Varies through 11/30/2028

Red

12/31/2024

Red

12/31/2023

Implemented

Laborers' Local Union No.158 Pension Plan

236580323

001

1.6

1.1

1.2

Varies through 5/31/2027

Green

12/31/2024

(a)

Green

12/31/2023

(a)

IBEW Local 1249 Pension Plan

156035161

001

1.4

3.2

3.4

Varies through 5/6/2029

Green

12/31/2024

Green

12/31/2023

Carpenters Pension Fund of Illinois

366147396

001

1.2

1.3

0.9

4/30/2029

Green

12/31/2024

Green

12/31/2023

San Diego County Construction Laborers' Pension Trust Fund

956090541

001

1.1

1.3

1.4

Varies through 6/30/2026

Green

8/31/2024

(a)

Green

8/31/2023

(a)

Operating Engineers' Local 324 Pension Fund

381900637

001

1.1

0.5

0.6

5/31/2026

Red

4/30/2024

Red

4/30/2023

Implemented

Laborers District Council of Virginia Pension Plan

546117299

001

0.7

3.6

2.9

5/31/2026

Green

12/31/2024

Green

12/31/2023

West Virginia Laborers' Pension Trust Fund

556026775

001

0.6

2.1

3.2

5/31/2026

Green

3/31/2025

(a)

Green

3/31/2024

(a)

Other funds

27.6

23.1

29.4

Total multiemployer pension plan contributions

119.3

108.6

118.4

(a)The Company’s contributions to this plan represent greater than 5% of the plan’s total contributions.

(b)This plan has utilized extended amortization provisions, which provide plans with extensions of time to amortize pension funding shortfalls.

The number of union employees employed at a given time, and the plans in which they participate, vary depending upon the location and number of ongoing projects and the need for union resources in connection with those projects. Total contributions to multiemployer plans and the related number of employees covered by these plans for the periods indicated were as follows:


	Multiemployer Plans
	Covered Employees		Contributions (in millions)
Year Ended December 31:	Low	High	Pension		Other Multiemployer		Total
2025	6,840	10,060	$	119.3	$	61.3	$	180.6
2024	6,960	9,448	$	108.6	$	41.8	$	150.4
2023	6,806	11,025	$	118.4	$	59.1	$	177.5

The fluctuations in the number of employees covered under multiemployer plans and associated contributions in the table above related primarily to the timing of activity for the Company’s union resource-based projects, as well as the effects of the Company’s acquisitions. For the years ended December 31, 2025, 2024 and 2023, multiemployer plan activity was driven primarily by project work within the Company’s Power Delivery and Pipeline Infrastructure operations. In 2023, multiemployer plan activity also included acquisition-related project work within the Company’s Clean Energy and Infrastructure operations.

- Definition

The entire disclosure for retirement benefits.

+ References

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-Section 50
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+ Details

Segments and Related Information - Significant Customers (Details) - Customer Concentration Risk - Revenue Benchmark	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AT&T
Revenue, Significant Customer [Line Items]
Concentration risk, percentage of total	10.00%
Government Transactions
Revenue, Significant Customer [Line Items]
Concentration risk, percentage of total	13.00%	13.00%	11.00%

- Definition

+ References + Details

Income Taxes - Schedule of Components of Income before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ 516,500	$ 255,700	$ (84,900)
Foreign	(1,100)	(4,700)	2,200
Income (loss) before income taxes	$ 515,398	$ 250,963	$ (82,704)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Accrued insurance	$ 66,700	$ 54,000
Operating loss carryforwards and tax credits	88,300	93,300
Compensation and benefits	47,500	45,100
Bad debt	4,300	4,600
Other	13,400	20,500
Capitalized expenses	43,200	332,600
Valuation allowance	(61,000)	(64,700)
Total deferred tax assets	202,400	485,400
Deferred tax liabilities:
Property and equipment	323,200	299,700
Goodwill	124,100	112,900
Other intangible assets	52,600	75,800
Gain on remeasurement of equity investee	7,200	7,300
Revenue recognition	26,800	203,000
Investments in unconsolidated entities	114,100	117,600
Other	32,600	31,900
Total deferred tax liabilities	680,600	848,200
Net deferred tax liabilities	$ (478,156)	$ (362,772)

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Carrying Values of Debt

The following table provides details of the carrying values of debt as of the dates indicated (in millions):


		December 31,
Description	Maturity Date	2025		2024
Senior credit facility:	June 26, 2030
Revolving loans		$	118.0	$	43.1
Term loan (a)		—		332.5
4.500% Senior Notes	August 15, 2028	600.0		600.0
5.900% Senior Notes	June 15, 2029	550.0		550.0
6.625% Senior Notes	August 15, 2029	72.3		71.6
2025 Term Loan Facility	June 26, 2028	600.0		—
Five-Year Term Loan Facility		—		285.0
Finance lease and other obligations		405.3		356.5
Total debt obligations		$	2,345.6	$	2,238.7
Less unamortized deferred financing costs		(14.9)		(14.6)
Total debt, net of deferred financing costs		$	2,330.7	$	2,224.1
Current portion of long-term debt		154.3		186.1
Long-term debt		$	2,176.4	$	2,038.0

(a) The term loan was terminated and fully repaid as of the second quarter of 2025, pursuant to the terms of the amended and restated senior unsecured credit facility, as described below.

Schedule of Contractual Maturities of Debt and Finance Lease Obligations

Contractual maturities of MasTec’s debt, which includes finance lease obligations, as of December 31, 2025 were as follows (in millions):


2026	$	154.3
2027	108.0
2028	1,284.1
2029	668.5
2030	130.2
Thereafter	0.5
Total	$	2,345.6

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Business, Basis of Presentation and Significant Accounting Policies - Self Insurance (Details) - Self-Insurance $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Workers' Compensation Policy
Business Interruption Loss [Line Items]
Per claim deductible, insurance policies	$ 2.0
Automobile Liability
Business Interruption Loss [Line Items]
Per claim deductible, insurance policies	25.0
General Liability Policy
Business Interruption Loss [Line Items]
Per claim deductible, insurance policies	25.0
Employee Group Medical Claims
Business Interruption Loss [Line Items]
Loss contingency, maximum loss per employee	$ 0.6

Acquisitions, Goodwill and Other Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Rollforward of Goodwill by Reportable Segment

The following table provides a reconciliation of changes in goodwill by reportable segment for the periods indicated (in millions):


	Communications		Clean Energy and Infrastructure		Power Delivery		Pipeline Infrastructure		Total Goodwill
Goodwill, gross, as of December 31, 2023 (a)	$	545.8	$	742.0	$	371.9	$	586.0	$	2,245.7
Accumulated impairment loss (b)	—		—		—		(119.3)		(119.3)
Goodwill, net, as of December 31, 2023 (a)	$	545.8	$	742.0	$	371.9	$	466.7	$	2,126.4
Additions from new business combinations	—		0.3		23.5		53.4		77.2
Measurement period adjustments (c)	0.7		—		—		—		0.7
Currency translation adjustments	—		—		—		(1.2)		(1.2)
Goodwill, net, as of December 31, 2024 (a)	$	546.5	$	742.3	$	395.4	$	518.9	$	2,203.1
Additions from new business combinations	10.5		21.8		—		1.4		33.7
Measurement period adjustments (c)	—		3.4		1.8		3.8		9.0
Currency translation adjustments	—		—		—		3.2		3.2
Goodwill, net, as of December 31, 2025	$	557.0	$	767.5	$	397.2	$	527.3	$	2,249.0
Accumulated impairment loss (b)	—		—		—		(115.3)		(115.3)
Goodwill, gross, as of December 31, 2025	$	557.0	$	767.5	$	397.2	$	642.6	$	2,364.3

(a) Recast to reflect 2025 segment changes. See Note 14 - Segments and Related Information for additional information.

(b) Accumulated impairment loss includes the effects of currency translation gains and/or losses.

Schedule of Finite-Lived Intangible Assets

The following table provides a reconciliation of changes in other intangible assets, net, for the periods indicated (in millions):


	Other Intangible Assets, Net
	Customer Relationships and Backlog		Trade Names (a)		Other (b)		Total
Other intangible assets, gross, as of December 31, 2023	$	1,096.6	$	229.0	$	87.6	$	1,413.2
Accumulated amortization	(529.3)		(49.8)		(49.8)		(628.9)
Other intangible assets, net, as of December 31, 2023	$	567.3	$	179.2	$	37.8	$	784.3
Additions from new business combinations	81.0		3.2		—		84.2

Currency translation adjustments	—		—		(1.2)		(1.2)
Amortization expense	(114.1)		(19.4)		(6.4)		(139.9)
Other intangible assets, net, as of December 31, 2024	$	534.2	$	163.0	$	30.2	$	727.4
Additions from new business combinations	54.3		2.1		1.8		58.2

Currency translation adjustments	1.2		0.1		0.5		1.8
Amortization expense	(105.3)		(20.6)		(5.3)		(131.2)
Other intangible assets, net, as of December 31, 2025	$	484.4	$	144.6	$	27.2	$	656.2
Remaining weighted average amortization, in years	11		11		7		11

Schedule of Expected Future Amortization Expense

Expected future amortization expense as of December 31, 2025 is summarized in the following table (in millions):


	Amortization Expense
2026	$	121.1
2027	108.4
2028	92.0
2029	74.3
2030	60.9
Thereafter	199.5
Total	$	656.2

Business Combination, Pro Forma Information

The following table provides unaudited supplemental pro forma results for the periods indicated (in millions):


	Year Ended December 31,
	2025		2024		2023
Revenue	$	14,514.6	$	12,585.6	$	12,162.5
Net income (loss)	429.5		195.6		(48.4)

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Segments and Related Information - Reconciliation of Consolidated Income before Income Taxes to EBITDA (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
EBITDA Reconciliation:
Segment EBITDA	$ 1,345,600	$ 1,194,100	$ 918,800
Interest expense, net	172,985	193,266	234,405
Depreciation	295,892	366,765	433,929
Amortization of intangible assets	131,190	139,853	169,233
Corporate	230,200	243,300	163,900
Income (loss) before income taxes	$ 515,398	$ 250,963	$ (82,704)

- Definition

+ References

+ Details

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities

The following table provides details of accounts receivable, net of allowance, and contract assets (together “accounts receivable, net”) as of the dates indicated (in millions):


	December 31,
	2025		2024
Contract billings	$	1,558.2	$	1,400.6
Less allowance	(17.9)		(19.1)
Accounts receivable, net of allowance	$	1,540.3	$	1,381.5

Retainage	$	428.4	$	335.3
Unbilled receivables	1,573.5		1,220.5
Contract assets	$	2,001.9	$	1,555.8

Contract billings represent the amount of performance obligations that have been billed but not yet collected, whereas contract assets consist of unbilled receivables and retainage. Unbilled receivables, which are included in contract assets, represent the estimated value of unbilled work for projects with performance obligations recognized over time. Unbilled receivables include amounts for work performed for which the Company has an unconditional right to receive payment and that are not subject to the completion of any other specific task, other than the billing itself. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount until final contract settlement, which is generally from 5% to 10% of contract billings. Retainage is not considered to be a significant financing component because the intent is to protect the customer. Unbilled receivables and retainage amounts are generally classified as current assets within the Company’s consolidated balance sheets. Retainage that has been billed, but is not due until completion of performance and acceptance by customers, is generally expected to be collected within one year. Accounts receivable balances expected to be collected beyond one year are recorded within other long-term assets. As of December 31, 2025, 2024 and 2023, contract assets totaled approximately $2,001.9 million, $1,555.8 million and $1,756.4 million, respectively. The increase in contract assets as of December 31, 2025, was driven primarily by ordinary course activity, including in connection with increased project volume primarily within the Company’s Communications segment.

For the year ended December 31, 2025, provisions for credit losses totaled a recovery of approximately $0.5 million, and for the year ended December 31, 2024, provisions for credit losses totaled approximately $4.8 million, both of which included certain project-specific reserves. For the years ended December 31, 2025 and 2024, amounts charged against the allowance, including direct write-offs, totaled approximately $0.7 million and $0.8 million, respectively. Impairment losses on contract assets were not material in any of the years ended December 31, 2025, 2024 or 2023.

Contract liabilities, which are generally classified within current liabilities on the Company’s consolidated balance sheets, consist primarily of deferred revenue and also include the amount of any accrued project losses. Under certain contracts, the Company may be entitled to invoice the customer and receive payments in advance of performing the related contract work. In those instances, the Company recognizes a liability for advance billings in excess of revenue recognized, which is referred to as deferred revenue. Deferred revenue is not considered to be a significant financing component because it is generally used to meet working capital demands that can be higher in the early stages of a contract. Total contract liabilities, including accrued project losses, totaled approximately $747.7 million, $735.6 million and $481.0 million as of December 31, 2025, 2024 and 2023, respectively, of which deferred revenue comprised approximately $741.0 million, $725.1 million and $475.2 million, respectively. For the years ended December 31, 2025, 2024 and 2023, the Company recognized revenue of approximately $705.6 million, $416.8 million and $363.3 million, respectively, related to amounts that were included in deferred revenue as of December 31, 2024, 2023 and 2022, respectively, resulting primarily from the advancement of physical progress on the related projects during the respective periods.

The Company is party to certain non-recourse financing arrangements in the ordinary course of business, under which certain receivables are sold to a financial institution in return for a nominal fee. The Company has certain additional non-recourse financing arrangements under which it continues to manage collections for the transferred receivables, and for which the corresponding servicing assets or liabilities are not material. For the years ended December 31, 2025, 2024 and 2023, the Company sold approximately $555 million, $442 million and $131 million, respectively, of receivables under financing arrangements for which it continues to manage collections for the transferred receivable, and, as of December 31, 2025 and 2024, outstanding sold receivables related thereto totaled approximately $172 million and $84 million, respectively, which amounts are excluded from accounts receivable, net of allowance, in the consolidated balance sheets. The Company’s involvement in the collection process for these receivables is not considered to constitute significant continuing involvement, and, therefore, the receivables are accounted for as a sale under ASC Topic 860, Transfers and Servicing. Cash collections from the sale of receivables are reflected within operating activities in the consolidated statements of cash flows. The Company is also party to arrangements with certain customers that allow for early collection of receivables for a nominal fee, at the Company’s option. Discount charges related to the above described financing arrangements, which are included within interest expense, net, totaled approximately $23.8 million, $20.7 million and $12.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Acquisitions, Goodwill and Other Intangible Assets, Net - HMG Additional Payments (Details) - Henkels & McCoy Group, Inc. - USD ($) shares in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combinations [Line Items]
Business acquisition, number of shares issued (in shares)	93
Contingent Consideration, Value Of Additional Payments
Business Combinations [Line Items]
Business combination, contingent consideration, current		$ 18.0	$ 14.0
Business combination, consideration transferred	$ 26.0
Payments to acquire businesses, gross	$ 12.0
Business acquisition, number of shares issued (in shares)		50	50
Contingent consideration, unrealized gain (loss)		$ (4.1)	$ (5.5)
Contingent Consideration, Value Of Additional Payments \| Power Delivery
Business Combinations [Line Items]
Contingent consideration, unrealized gain (loss)				$ 1.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Business, Basis of Presentation and Significant Accounting Policies - Nature of Business (Details)	12 Months Ended
	Dec. 31, 2025 segment
Accounting Policies [Abstract]
Number of reportable segments	5

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Capitalized internal-use software, gross	$ 247.2	$ 228.2
Capitalized internal-use software, net	54.0	51.1
Accrued capital expenditures	$ 15.1	$ 7.0	$ 4.4

Segments and Related Information - Foreign Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment and Related Information [Line Items]
Revenue	$ 14,299,171	$ 12,303,464	$ 11,995,934
Property and equipment, net	1,728,470	1,548,916
Foreign Operations
Segment and Related Information [Line Items]
Revenue	177,200	93,300	95,100
Property and equipment, net	23,000	25,300	17,500
Goodwill and other intangible assets, net	$ 108,800	$ 108,800	$ 32,600
Foreign Operations \| Accounts Receivable, Net, Less Contract Liabilities \| Geographic Concentration Risk
Segment and Related Information [Line Items]
Concentration risk, percentage of total	1.00%	1.00%	1.00%

- Definition

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 422,014	$ 199,421	$ (47,296)
Other comprehensive loss, net of tax:
Foreign currency translation gains (losses)	4,049	(2,949)	1,695
Unrealized (losses) gains on investment activity	(5,952)	349	(3,737)
Comprehensive income (loss)	420,111	196,821	(49,338)
Net income attributable to non-controlling interests	22,972	36,633	2,653
Foreign currency translation gains attributable to non-controlling interests	1,283	0	0
Comprehensive income attributable to non-controlling interests	24,255	36,633	2,653
Comprehensive income (loss) attributable to MasTec, Inc.	$ 395,856	$ 160,188	$ (51,991)

Stock-Based Compensation and Other Employee Benefit Plans - 401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
401(k) plan, maximum pre-tax annual contribution per employee, percentage of annual compensation	75.00%
401(k) plan, employer matching contribution, amount	$ 38.1	$ 35.3	$ 36.1

Debt - Debt Covenants and Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 26, 2025 USD ($)
Debt Instrument [Line Items]
Financing costs incurred	$ 5.4	$ 6.1	$ 0.0
Debt instruments, accrued interest payable	16.0	$ 20.8
Unsecured Debt \| 2025 Term Loan Facility \| Line of Credit
Debt Instrument [Line Items]
Consolidated leverage ratio, maximum				3.50
Financing costs incurred	1.2
Unsecured Debt \| 2025 Term Loan Facility, Acquisition Adjustment \| Line of Credit
Debt Instrument [Line Items]
Consolidated leverage ratio, maximum				4.00
Debt instrument, acquisition adjustment, maximum				$ 200.0
Letter of Credit \| Credit Facility
Debt Instrument [Line Items]
Financing costs incurred	$ 4.2

Acquisitions, Goodwill and Other Intangible Assets, Net - Pro Forma Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Revenue	$ 14,514.6	$ 12,585.6	$ 12,162.5
Net income (loss)	$ 429.5	$ 195.6	$ (48.4)

Debt - 5.900% Senior Notes (Details) - USD ($) $ in Millions			12 Months Ended			19 Months Ended
	Jun. 26, 2025	Jun. 10, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 15, 2023	Jul. 31, 2024
Debt Instrument [Line Items]
Financing costs incurred			$ 5.4	$ 6.1	$ 0.0
Credit Facility \| Term loan
Debt Instrument [Line Items]
Long-term debt obligations			0.0	332.5
Debt instrument, term	5 years
5.900% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)		5.90%
Long-term debt obligations		$ 550.0	550.0	550.0
Financing costs incurred		$ 5.9
Long-term debt, fair value			$ 574.1	$ 558.8
Debt instrument, change of control, redemption price, percent						101.00%
Debt instrument, minimum percentage of principal required to redeem in the event of default		25.00%
6.625% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)			6.625%	6.625%
Long-term debt obligations			$ 72.3	$ 71.6
Debt instrument, minimum percentage of principal required to redeem in the event of default			30.00%
Repurchase amount		$ 203.7					$ 21.4
Debt instrument, face amount			$ 74.9
New Term Loan Facility, Three-Year Tranche \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 400.0
New Term Loan Facility, Three-Year Tranche \| Credit Facility \| Term loan
Debt Instrument [Line Items]
Debt instrument, term				3 years

Segments and Related Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Financial Information by Reportable Segment

Summarized financial information for MasTec’s reportable segments is presented and reconciled to consolidated financial information for total MasTec in the following tables, including a reconciliation of segment EBITDA to consolidated income (loss) before income taxes, all of which are presented in millions. The tables below, which may contain slight summation differences due to rounding, reflect certain financial data for each reportable segment and have been recast as described above.


Year Ended December 31,	Communications		Clean Energy and Infrastructure		Power Delivery		Pipeline Infrastructure		Other		Eliminations		Total Reportable Segments
2025:
Revenue (a)	$	3,339.1	$	4,699.6	$	4,176.1	$	2,137.8	$	—	$	(53.4)	$	14,299.2
Costs of revenue, excluding depreciation and amortization	2,953.4		4,156.0		3,686.2		1,762.3		—		(53.2)		12,504.7
Other segment items (b)	76.2		195.0		151.1		57.6		(30.8)		(0.2)		448.9
EBITDA	$	309.5	$	348.6	$	338.8	$	317.9	$	30.8	$	—	$	1,345.6

2024: (c)
Revenue (a)	$	2,524.2	$	4,092.1	$	3,612.7	$	2,133.6	$	—	$	(59.1)	$	12,303.5
Costs of revenue, excluding depreciation and amortization	2,222.5		3,639.8		3,162.7		1,689.7		—		(59.0)		10,655.7
Other segment items (b)	81.6		195.3		148.7		54.5		(26.2)		(0.1)		453.7
EBITDA	$	220.1	$	257.0	$	301.3	$	389.4	$	26.2	$	—	$	1,194.1

2023: (c)
Revenue (a)	$	2,366.4	$	3,962.0	$	3,625.1	$	2,072.8	$	—	$	(30.4)	$	11,995.9
Costs of revenue, excluding depreciation and amortization	2,085.7		3,616.9		3,186.5		1,731.5		1.1		(29.9)		10,591.8
Other segment items (b)	101.7		212.7		140.6		56.9		(26.1)		(0.5)		485.3
EBITDA	$	179.0	$	132.4	$	298.0	$	284.4	$	25.0	$	—	$	918.8

(a) Total consolidated revenue equals total reportable segment revenue of $14,299.2 million, $12,303.5 million and $11,995.9 million for the years ended December 31, 2025, 2024 and 2023, respectively, as there is no revenue recorded within Corporate results.

(b) For each of the years ended December 31, 2025, 2024 and 2023, other segment items for each reportable segment includes general and administrative expenses, equity in earnings or losses of unconsolidated affiliates, net, and other income or expense, net.


	Year Ended December 31,
Depreciation and Amortization:	2025		2024		2023
Communications	$	60.3	$	74.4	$	84.0
Clean Energy and Infrastructure	108.1		123.0		144.2
Power Delivery	142.3		170.2		211.7
Pipeline Infrastructure	107.4		128.8		152.9
Other	—		—		—
Corporate	9.0		10.2		10.4
Consolidated depreciation and amortization	$	427.1	$	506.6	$	603.2


	As of December 31,
Assets:	2025		2024		2023
Communications	$	1,962.3	$	1,673.8	$	1,729.1
Clean Energy and Infrastructure	2,816.6		2,706.4		2,978.8
Power Delivery	2,621.6		2,489.9		2,440.2
Pipeline Infrastructure	1,928.7		1,599.7		1,758.0
Other	364.0		318.2		305.0
Corporate	230.3		187.3		162.4
Consolidated assets	$	9,923.5	$	8,975.3	$	9,373.5


	Year Ended December 31,
Capital Expenditures:	2025		2024		2023
Communications	$	22.0	$	16.8	$	23.6
Clean Energy and Infrastructure	34.8		27.0		30.9
Power Delivery	78.7		72.7		56.7
Pipeline Infrastructure	100.2		27.5		76.0
Other	—		—		—
Corporate	24.3		4.9		5.7
Consolidated capital expenditures	$	260.0	$	148.9	$	192.9

Reconciliation of Consolidated Income before Income Taxes to EBITDA


	Year Ended December 31,
Reconciliation of Segment EBITDA to Income (Loss) Before Income Taxes:	2025		2024		2023
Segment EBITDA	$	1,345.6	$	1,194.1	$	918.8
Less:
Interest expense, net	173.0		193.3		234.4
Depreciation	295.9		366.8		433.9
Amortization	131.2		139.9		169.2
Corporate	230.2		243.3		163.9
Income (loss) before income taxes	$	515.4	$	251.0	$	(82.7)

Segments and Related Information - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment and Related Information [Line Items]
Number of operating segments \| segment	5
Number of reportable segments \| segment	5
Loss on extinguishment of debt	$ 0	$ 11,344	$ 0
2023 Acquisitions
Segment and Related Information [Line Items]
Acquisition and integration costs			71,900
Unsecured Debt \| New Term Loan Facility, Three-Year Tranche \| Line of Credit
Segment and Related Information [Line Items]
Loss on extinguishment of debt		11,300
Corporate
Segment and Related Information [Line Items]
Fair value gain related to resolved contingent payments	$ (700)	$ (10,700)	13,900
Corporate \| AVCT
Segment and Related Information [Line Items]
Fair value losses related to investment			(200)
Corporate \| 2023 Acquisitions
Segment and Related Information [Line Items]
Acquisition and integration costs			3,800
Reportable Segments \| 2023 Acquisitions \| Communications
Segment and Related Information [Line Items]
Acquisition and integration costs			22,500
Reportable Segments \| 2023 Acquisitions \| Clean Energy and Infrastructure Segment
Segment and Related Information [Line Items]
Acquisition and integration costs			37,100
Reportable Segments \| 2023 Acquisitions \| Power Delivery
Segment and Related Information [Line Items]
Acquisition and integration costs			$ 8,500

Other Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Multiemployer Pension Plans

Contributions
(in millions)
Year Ended December 31,

Pension Protection Act Zone Status

Multiemployer Pension Plan

Employer Identification Number

Plan Number

2025

2024

2023

Expiration Date of CBA

2025

As of

2024

As of

FIP/RP Status

Surcharge

National Electrical Benefit Fund

530181657

001

19.8

24.1

18.3

Varies through 12/31/2030

Green

12/31/2024

Green

12/31/2023

(a)

Central Pension Fund of the IUOE & Participating Employers

366052390

001

16.4

16.8

19.2

Varies through 3/31/2030

Green

1/31/2025

(a)

Green

1/31/2024

(a)

Local Union No.9 IBEW and Outside Contractors Pension Fund

516077720

001

7.3

3.5

7.2

Varies through 5/25/2030

Green

10/31/2024

(a)

Green

10/31/2023

(a)

IBEW Local 456 Pension Plan

226238995

001

6.3

3.9

3.1

12/21/2029

Green

12/31/2024

(a)

Green

12/31/2023

(a)

NECA-IBEW Pension Trust Fund

516029903

001

4.9

0.7

0.6

Varies through 5/31/2028

Green

5/31/2024

Green

5/31/2023

Pipeline Industry Pension Fund

736146433

001

4.4

3.8

6.0

Varies through 10/31/2026

Green

12/31/2024

(a)

Green

12/31/2023

(a)

Central Laborers' Pension Fund

376052379

001

4.3

3.0

2.3

Varies through 4/30/2030

Green

12/31/2024

(a)

Yellow

12/31/2023

(b)

Heavy & General Laborers' Local Unions 472 and 172 of New Jersey Pension Fund

226032103

001

3.6

3.5

3.7

Varies through 2/28/2027

Green

3/31/2025

(a)

Green

3/31/2024

(a)

Indiana Laborers Pension Fund

356027150

001

3.2

1.1

1.2

Varies through 5/31/2027

Green

5/31/2025

Green

5/31/2024

Chicago & Vicinity Laborers' District Council Pension Plan

362514514

002

2.9

2.0

1.4

Varies through 5/31/2028

Green

5/31/2024

Green

5/31/2023

Midwest Operating Engineers Pension Trust Fund

366140097

001

2.8

1.7

2.7

Varies through 5/31/2028

Green

3/31/2025

Green

3/31/2024

Construction Laborers Pension Trust for Southern California

436159056

001

2.6

2.9

Varies through 5/31/2028

Green

12/31/2024

Green

12/31/2023

(a)

Fox Valley & Vicinity Laborers Pension Fund

366147409

001

1.9

1.2

1.3

5/31/2026

Green

5/31/2024

(a)

Green

5/31/2023

(a)

Teamsters National Pipe Line Pension Plan

461102851

001

1.9

2.9

3.9

Varies through 6/30/2026

Green

12/31/2024

(a)

Green

12/31/2023

(a)

Laborers' National Pension Fund

751280827

001

1.7

1.6

Varies through 11/30/2028

Red

12/31/2024

Red

12/31/2023

Implemented

Laborers' Local Union No.158 Pension Plan

236580323

001

1.6

1.1

1.2

Varies through 5/31/2027

Green

12/31/2024

(a)

Green

12/31/2023

(a)

IBEW Local 1249 Pension Plan

156035161

001

1.4

3.2

3.4

Varies through 5/6/2029

Green

12/31/2024

Green

12/31/2023

Carpenters Pension Fund of Illinois

366147396

001

1.2

1.3

0.9

4/30/2029

Green

12/31/2024

Green

12/31/2023

San Diego County Construction Laborers' Pension Trust Fund

956090541

001

1.1

1.3

1.4

Varies through 6/30/2026

Green

8/31/2024

(a)

Green

8/31/2023

(a)

Operating Engineers' Local 324 Pension Fund

381900637

001

1.1

0.5

0.6

5/31/2026

Red

4/30/2024

Red

4/30/2023

Implemented

Laborers District Council of Virginia Pension Plan

546117299

001

0.7

3.6

2.9

5/31/2026

Green

12/31/2024

Green

12/31/2023

West Virginia Laborers' Pension Trust Fund

556026775

001

0.6

2.1

3.2

5/31/2026

Green

3/31/2025

(a)

Green

3/31/2024

(a)

Other funds

27.6

23.1

29.4

Total multiemployer pension plan contributions

119.3

108.6

118.4

(a)The Company’s contributions to this plan represent greater than 5% of the plan’s total contributions.

(b)This plan has utilized extended amortization provisions, which provide plans with extensions of time to amortize pension funding shortfalls.

Schedule of Covered Employees and Contributions, Multiemployer Plans

Total contributions to multiemployer plans and the related number of employees covered by these plans for the periods indicated were as follows:


	Multiemployer Plans
	Covered Employees		Contributions (in millions)
Year Ended December 31:	Low	High	Pension		Other Multiemployer		Total
2025	6,840	10,060	$	119.3	$	61.3	$	180.6
2024	6,960	9,448	$	108.6	$	41.8	$	150.4
2023	6,806	11,025	$	118.4	$	59.1	$	177.5

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480547/715-80-55-8

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-9

+ Details

Business, Basis of Presentation and Significant Accounting Policies - Supplier Finance Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts payable	Accounts payable
Supplier Finance Program, Obligation [Roll Forward]
Confirmed obligations outstanding at the beginning of the year	$ 12,400
Invoices confirmed	711,500
Confirmed invoices paid	(598,300)
Confirmed obligations outstanding at the end of the year	$ 125,600

Other Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

The following table provides details of other accrued expenses as of the dates indicated (in millions):


	December 31,
	2025		2024
Accrued project costs	$	270.9	$	218.9
Self-insurance and related liabilities (a)	81.9		66.9
Income, sales and other taxes	64.7		83.0
Other	123.3		86.2
Other accrued expenses	$	540.8	$	455.0

(a) See Note 15 - Commitments and Contingencies for additional information on insurance reserves.

Lease Obligations - Weighted Average Remaining Lease Terms and Discount Rates (Details)	Dec. 31, 2025	Dec. 31, 2024
Weighted average remaining lease term (in years):
Finance leases	3 years 1 month 6 days	2 years 8 months 12 days
Operating leases	3 years 4 months 24 days	3 years 8 months 12 days
Weighted average discount rate:
Finance leases	4.90%	4.80%
Operating leases	5.20%	5.10%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Debt - Senior Credit Facility (Details) - USD ($) $ in Millions		12 Months Ended
	Jun. 26, 2025	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Line of credit facility, letters of credit issued		$ 90.5	$ 81.7
Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,900.0
Line of credit facility, letters of credit issued		$ 57.1	$ 64.3
Line of credit facility, unused facility fee (percentage)		0.175%	0.20%
Credit Facility \| Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee (percentage)	0.15%
Credit Facility \| Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee (percentage)	0.225%
Term loan \| Credit Facility
Debt Instrument [Line Items]
Debt instrument, term	5 years
Line of credit facility, interest rate at period end		4.85%
Term loan \| Credit Facility \| New Term Loan Facility, Three-Year Tranche
Debt Instrument [Line Items]
Debt instrument, term			3 years
Sublimit in Foreign Denominations \| Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 300.0
Weighted average interest rate (percentage)		3.81%
Long-term line of credit		$ 43.0	$ 43.1
Letter of Credit \| Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 750.0
Line of credit facility, capacity available for letters of credit		$ 692.9	$ 585.7
Letter of Credit \| Credit Facility \| Commercial and/or Financial Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end		1.25%	1.375%
Letter of Credit \| Credit Facility \| Performance Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end		0.4375%	0.5625%
Letter of Credit \| Credit Facility \| Minimum \| Commercial and/or Financial Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end	1.125%
Letter of Credit \| Credit Facility \| Minimum \| Performance Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end	0.3125%
Letter of Credit \| Credit Facility \| Maximum \| Commercial and/or Financial Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end	1.625%
Letter of Credit \| Credit Facility \| Maximum \| Performance Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate at period end	0.6875%
Letter of Credit in Alternative Currencies \| Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 250.0
Swing Line Loans \| Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 125.0
Unsecured Debt \| Credit Facility \| New Term Loan Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Line of credit facility, interest rate description	1.00%
Unsecured Debt \| Credit Facility \| New Term Loan Facility \| Base Rate
Debt Instrument [Line Items]
Line of credit facility, interest rate description	0.50%
Unsecured Debt \| Credit Facility \| Minimum \| New Term Loan Facility, Three-Year Tranche \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Line of credit facility, interest rate description	1.125%
Unsecured Debt \| Credit Facility \| Minimum \| New Term Loan Facility, Three-Year Tranche \| Base Rate
Debt Instrument [Line Items]
Line of credit facility, interest rate description	0.125%
Unsecured Debt \| Credit Facility \| Maximum \| New Term Loan Facility, Three-Year Tranche \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Line of credit facility, interest rate description	1.625%
Unsecured Debt \| Credit Facility \| Maximum \| New Term Loan Facility, Three-Year Tranche \| Base Rate
Debt Instrument [Line Items]
Line of credit facility, interest rate description	0.625%
Revolving loans \| Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate (percentage)		4.56%	4.97%
Line of credit facility, remaining borrowing capacity		$ 1,724.9	$ 1,792.6
Revolving loans \| Other Credit Facilities
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity		$ 257.0	$ 256.9

Debt - 6.625% Senior Notes (Details) - USD ($) $ in Millions			1 Months Ended	12 Months Ended
	Jun. 10, 2024	Oct. 07, 2022	Jul. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
6.625% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)				6.625%	6.625%
Debt instrument, face amount				$ 74.9
Long-term debt				$ 72.3	$ 71.6
Repurchase amount	$ 203.7		$ 21.4
Debt instrument, redemption price (percentage)			95.00%	100.00%
Debt instrument, minimum percentage of principal required to redeem in the event of default				30.00%
6.625% Senior Notes \| Senior Notes \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt instrument, redemption price (percentage)		101.00%
IEA Senior Notes
Debt Instrument [Line Items]
Senior notes, gross carrying amount					225.1
Mastec Senior Notes
Debt Instrument [Line Items]
Senior notes, gross carrying amount					$ 74.9
5.900% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	5.90%
Debt instrument, minimum percentage of principal required to redeem in the event of default	25.00%

Acquisitions, Goodwill and Other Intangible Assets, Net - Acquisition-related results and Acquisition and integration costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combinations [Line Items]
Business combinations, consolidated acquisition-related revenue	$ 166.4	$ 42.8	$ 1,546.3
Business combinations, consolidated acquisition-related net income (loss)	0.0	0.0	(40.0)
Acquisition costs	4.0	$ 3.0	3.0
2023 Acquisitions, Infrastructure Energy Alternatives, Inc.
Business Combinations [Line Items]
Business combinations, consolidated acquisition-related revenue			1,374.6
2025 Acquisitions
Business Combinations [Line Items]
Business combinations, consolidated acquisition-related revenue	0.0
Business combinations, consolidated acquisition-related net income (loss)	$ 0.0
2023 Acquisitions
Business Combinations [Line Items]
Acquisition and integration costs			71.9
2023 Acquisitions \| General and Administrative Expense
Business Combinations [Line Items]
Acquisition and integration costs			64.1
2023 Acquisitions \| Cost of Sales
Business Combinations [Line Items]
Acquisition and integration costs			$ 7.8

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company rents and leases equipment and purchases certain supplies and servicing from CCI, an entity in which Juan Carlos Mas, who is an immediate family member of the Company’s CEO and its Chairman of the Board, serves as the chairman. Additionally, a member of management of a MasTec subsidiary and an entity that is owned by the Mas family are minority owners of CCI. For the years ended December 31, 2025, 2024 and 2023, MasTec paid CCI $6.4 million, $11.7 million and $7.3 million, respectively, for such services, and related amounts payable totaled approximately $0.8 million and $0.7 million as of December 31, 2025 and 2024, respectively. The Company also rents equipment to CCI and revenue from such rentals totaled approximately $0.3 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively, and for the year ended December 31, 2023, there was no revenue from such arrangements. MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled by Jorge Mas and José R. Mas, along with two members of management of a MasTec subsidiary. For the years ended December 31, 2025, 2024 and 2023, MasTec incurred subcontracting expenses in connection with this arrangement of approximately $3.5 million, $5.8 million and $8.7 million, respectively. Related amounts payable were immaterial as of both December 31, 2025 and 2024. MasTec has an aircraft leasing arrangement with an entity that is owned by Jorge Mas. For the years ended December 31, 2025, 2024 and 2023, MasTec paid approximately $5.6 million, $6.3 million and $2.7 million, respectively, related to this leasing arrangement. MasTec performs construction services on behalf of a professional Miami soccer franchise (the “Franchise”) in which Jorge Mas and José R. Mas are majority owners. Construction services include, and have included, the construction of a soccer facility and stadium as well as utility and wireless infrastructure services. Construction services related to site preparation for a new soccer complex began in 2023. For the years ended December 31, 2025, 2024 and 2023, revenue under these arrangements totaled approximately $77.6 million, $24.9 million and $10.7 million, respectively, and related amounts receivable totaled approximately $37.5 million and $12.8 million as of December 31, 2025 and 2024, respectively. Payments for other expenses related to the Franchise totaled $1.0 million, $0.9 million and $1.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. MasTec has a subcontracting arrangement to perform construction services for an entity in which José R. Mas had a minority interest, and a member of management of a MasTec subsidiary owned the remaining interest. On January 1, 2024, MasTec acquired José R. Mas’ interest in this entity for approximately $0.7 million. The Company previously acquired a construction management firm specializing in steel building systems, of which Juan Carlos Mas was a minority owner at the time of acquisition. In 2023, the Company paid $16.1 million of contingent consideration in connection with the finalization of the earn-out arrangement, of which approximately 25% was paid to Juan Carlos Mas pursuant to the terms of the purchase agreement. MasTec has an amended and restated split dollar life insurance agreement with (i) Jorge Mas, and José R. Mas and Juan Carlos Mas, as trustees of the Jorge Mas Irrevocable Trust (the “Jorge Mas trust”); and (ii) José R. Mas, and Jorge Mas, Juan Carlos Mas and Patricia Mas, as trustees of the José Ramon Mas Irrevocable Trust (the “José R. Mas trust”). The Company is the sole owner of each of the policies and is designated as the named fiduciary under each split dollar agreement, and the policies subject to the split dollar agreement may not be surrendered without the express written consent of the applicable trust. The total maximum face amount of the insurance policies subject to the split dollar agreements is capped at $200 million in the case of Jorge Mas and $75 million in the case of José R. Mas. Upon the death of the applicable executive or the survivor of the applicable executive and his wife, the Company is entitled to receive a portion of the death benefit under the policy equal to the greater of (i) premiums paid by the Company on the policy and (ii) the then cash value of the policy, excluding surrender charges or other similar charges or reductions, immediately before the triggering death. In addition, each executive is entitled to purchase the applicable policy under certain events, including a change in control of the Company. The Company paid approximately $0.4 million and $1.4 million, net, in connection with these agreements for the years ended December 31, 2024 and 2023, respectively. In 2025, no payments were made in connection with these agreements. Life insurance assets associated with these agreements, which amounts are included within other long-term assets, totaled approximately $27.5 million as of both December 31, 2025 and 2024. In any given year, the Company may engage in certain transactions on behalf of or to former owners of acquired businesses (“former owners”) and/or entities in which members of subsidiary management have ownership or commercial interests (“related entities or entity”). A summary of these related party transactions for the years ended December 31, 2025, 2024 and 2023 is noted below. MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, and from time to time, rents equipment to, sells certain supplies, or performs construction services on behalf of, related entities. For the years ended December 31, 2025, 2024 and 2023, payments to these related entities totaled approximately $36.0 million, $33.7 million and $42.5 million, respectively, and revenue from such arrangements totaled approximately $11.3 million, $18.4 million and $14.0 million, respectively. Payables associated with such arrangements totaled approximately $4.2 million and $2.8 million as of December 31, 2025 and 2024, respectively. As of both December 31, 2025 and 2024, accounts receivable, net, less deferred revenue related to these arrangements totaled a receivable of approximately $3.9 million. The Company made advances of $0.3 million and $0.6 million on behalf of or to former owners during the years ended December 31, 2024 and 2023, respectively, which were obligated to be repaid under the provisions of the related purchase agreements. As of December 31, 2024, amounts receivable for such advances totaled approximately $0.2 million, which were repaid in 2025. Additionally, the Company had certain arrangements with a related entity, including a fee arrangement in conjunction with a $15.0 million letter of credit issued by the Company on behalf of this entity. This letter of credit was cancelled as of March 31, 2025. Income recognized in connection with these arrangements totaled approximately $0.2 million for the year ended December 31, 2025, and for both the years ended December 31, 2024 and 2023, totaled approximately $0.8 million. As of December 31, 2024, related amounts receivable totaled approximately $0.4 million, which were repaid in 2025. Non-controlling interests in entities consolidated by the Company represent ownership interests held by members of management of certain of the Company’s subsidiaries. The Company sold certain minority interests in these entities to members of management of a MasTec subsidiary for $7.1 million of notes receivable in a prior year. These notes, of which approximately $0.4 million and $3.2 million was outstanding as of December 31, 2025 and 2024, respectively, are recorded within other current or long-term assets, as appropriate, in the consolidated financial statements. The notes bear interest at a rate of 5.0% per annum. In 2023, the Company acquired the remaining 15% equity interests in one of its subsidiaries from two members of subsidiary management for $10.0 million in cash, plus 120,000 shares of MasTec common stock, valued at approximately $11.6 million. See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net for additional information.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	145,000,000	145,000,000
Common stock, shares issued (in shares)	99,319,916	99,029,011
Treasury stock, shares (in shares)	20,422,329	19,719,796
Common Stock
Common stock, shares issued (in shares)	99,319,916	99,029,011
Restricted Stock \| Common Stock
Unvested stock awards (in shares)	1,038,778	1,130,020

Stock-Based Compensation and Other Employee Benefit Plans - Schedule of Activity, Restricted Shares (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restricted Shares
Restricted Shares
Non-vested restricted shares, beginning balance (in shares)	1,131,020	1,505,996
Granted (in shares)	386,449	268,117
Vested (in shares)	(424,650)	(344,304)
Canceled/forfeited (in shares)	(54,041)	(298,789)
Non-vested restricted shares, ending balance (in shares)	1,038,778	1,131,020
Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, beginning balance (in dollars per share)	$ 75.48	$ 71.35
Granted (in dollars per share)	122.25	90.90
Vested (in dollars per share)	75.16	88.76
Canceled/forfeited (in dollars per share)	89.95	53.22
Non-vested restricted shares, ending balance (in dollars per share)	$ 92.26	$ 75.48
Restricted Stock Units
Restricted Shares
Non-vested restricted shares, beginning balance (in shares)	1,000	1,000
Non-vested restricted shares, ending balance (in shares)		1,000

Commitments and Contingencies - Self-Insurance (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies [Line Items]
Cash and cash equivalents	$ 396,030	$ 399,903
Line of credit facility, letters of credit issued	90,500	81,700
Workers' Compensation, General and Automobile Policies \| Self-Insurance
Commitments and Contingencies [Line Items]
Self-insurance reserve	306,800	251,000
Insurance Settlements Receivable	25,200	24,400
Workers' Compensation, General and Automobile Policies \| Self-Insurance \| Commercial and/or Financial Standby
Commitments and Contingencies [Line Items]
Line of credit facility, letters of credit issued	7,400	8,700
Workers' Compensation, General and Automobile Policies \| Self-Insurance \| Other Long-Term Liabilities
Commitments and Contingencies [Line Items]
Self-insurance reserve, non-current	224,900	184,100
Workers' Compensation, General and Automobile Policies \| Self-Insurance \| Other Noncurrent Assets
Commitments and Contingencies [Line Items]
Insurance settlements receivable, noncurrent	22,400	21,400
Employee Group Medical Claims \| Self-Insurance
Commitments and Contingencies [Line Items]
Self-insurance reserve	2,300	4,700
Workers' Compensation Policy \| Self-Insurance \| Surety Bonds
Commitments and Contingencies [Line Items]
Outstanding bonds, amount	198,600	196,300
Captive Insurance Company
Commitments and Contingencies [Line Items]
Cash and cash equivalents	$ 3,300	$ 2,200

Earnings Per Share - Narrative (Details) - shares	1 Months Ended	12 Months Ended
Earnings Per Share - Narrative (Details) - shares	Nov. 30, 2024	Dec. 31, 2025	Dec. 31, 2023
Business Combinations [Line Items]
Treasury stock acquired (in shares)		702,533
Effect of share repurchases, decrease in weighted average shares outstanding (in shares)		539,000
Henkels & McCoy Group, Inc.
Business Combinations [Line Items]
Business acquisition, number of shares issued (in shares)	93,000
2023 Acquisitions, Infrastructure Energy Alternatives, Inc.
Business Combinations [Line Items]
Business acquisition, number of shares issued (in shares)			4,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Information

The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands):


	Year Ended December 31,
	2025		2024		2023
Net income (loss) attributable to MasTec:
Net income (loss) - basic and diluted (a)	$	399,042	$	162,788	$	(49,949)


Weighted average shares outstanding:
Weighted average shares outstanding - basic	77,866		78,049		77,535
Dilutive common stock equivalents (b)	828		831		—
Weighted average shares outstanding - diluted	78,694		78,880		77,535

(a) Net income or loss is calculated as total net income or loss, less amounts attributable to non-controlling interests.

(b) For the years ended December 31, 2025, 2024 and 2023, anti-dilutive common stock equivalents totaled approximately 11,000, 16,000 and 1,100,000, respectively.

Acquisitions, Goodwill and Other Intangible Assets, Net - Schedule of Expected Future Amortization Expense (Details) $ in Millions	Dec. 31, 2025 USD ($)
Amortization Expense
2026	$ 121.1
2027	108.4
2028	92.0
2029	74.3
2030	60.9
Thereafter	199.5
Total	$ 656.2

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Feb. 23, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-08106
Entity Registrant Name	MasTec, Inc.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	65-0829355
Entity Address, Address Line One	800 S. Douglas Road, 12th Floor
Entity Address, City or Town	Coral Gables,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33134
City Area Code	305
Local Phone Number	599-1800
Title of 12(b) Security	Common Stock, $0.10 Par Value
Trading Symbol	MTZ
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float (in dollars)			$ 10.3
Entity Common Stock, Shares Outstanding		78,894,830
Documents Incorporated by Reference	The registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A for the 2026 annual meeting of shareholders is incorporated by reference in Part III of this Form 10-K to the extent stated herein.
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0000015615

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - Senior Notes	Dec. 31, 2025	Dec. 31, 2024	Jun. 10, 2024
5.900% Senior Notes
Debt instrument, interest rate (percentage)			5.90%
6.625% Senior Notes
Debt instrument, interest rate (percentage)	6.625%	6.625%

Segments and Related Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segments and Related Information

Segment Discussion

The Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other. The reportable segments comprise the structure used by the Company’s Chief Executive Officer who is determined to be the Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance. This structure is generally focused on broad end-user markets for the Company’s labor-based construction services. All five reportable segments derive their revenue primarily from the engineering, installation and maintenance of infrastructure, primarily in North America.

The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications and digital infrastructure, primarily for wireless and wireline/fiber networks, data center buildout and interconnection, wireless integration and optimization and install-to-the-home services, as well as select utility infrastructure, among others. The Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets through the installation and construction of power generation facilities, primarily from clean energy and renewable sources, such as wind, solar, biomass, natural gas and hydrogen, as well as battery storage systems for renewable energy; various types of heavy civil and industrial infrastructure services, including roads, bridges and rail; and environmental remediation services. The Power Delivery segment primarily serves the energy, utility and data center infrastructure industries through the engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas lines, power reserve and battery infrastructure, and distribution network systems, substations and grid modernization; emergency restoration services following natural disasters and accidents; and environmental planning and compliance services. The Pipeline Infrastructure segment performs engineering, construction, maintenance and other services for pipeline infrastructure, including natural gas, water and carbon capture sequestration pipelines, as well as pipeline integrity, including the repair of pipeline infrastructure and facilitating their safe use throughout their lifecycle, and other services for the energy and utilities industries. The Other segment includes certain equity investees, the services of which may vary from those provided by the Company’s primary segments, as well as other small business units with activities in certain international end-markets.

In the first quarter of 2025, the Company made changes to its Communications and Power Delivery segment structures to more closely align with the segments’ end markets and to better correspond with the operational management reporting structure of both segments. These changes included moving a component with utility operations previously reported in the Communications segment to the Power Delivery segment. These changes did not impact the Company’s consolidated financial statements, but did impact its reportable segments, including historical financial information. The segment data presented below have been recast for the historical periods to reflect these segment changes.

The accounting policies of the reportable segments are the same as those described in Note 1 - Business, Basis of Presentation and Significant Accounting Policies. Intercompany revenue and costs among the reportable segments are accounted for as if the sales were to third parties because these items are based on negotiated fees between the segments involved. All intercompany transactions and balances are eliminated in consolidation. Intercompany revenue and costs between entities within a reportable segment are eliminated to arrive at segment totals.

Eliminations between segments are separately presented. Corporate results include amounts related to corporate and administrative functions, such as treasury, legal and other professional activities, including certain settlements; changes in the fair value of Earn-outs, other liabilities and certain investments; acquisition-related transaction costs; and other discrete items, including certain integration activities and debt transaction costs. Segment results include certain allocations of centralized costs such as general liability, medical and workers’ compensation, and auto liability insurance and certain information technology and interest costs, as well as certain discrete items, including certain acquisition and business integration and/or streamlining costs. Income tax expense, which is recorded within Corporate results, is managed on a consolidated basis and is not allocated to the reportable segments.

EBITDA is the measure of profitability used by the Company’s CODM to manage its segments and for segment reporting purposes. As appropriate, the Company supplements the reporting of its consolidated financial information determined in accordance with U.S. GAAP with certain non-U.S. GAAP financial measures, including EBITDA. The Company believes these non-U.S. GAAP measures provide meaningful information and help investors understand the Company’s financial results and assess its prospects for future performance. The Company uses EBITDA to evaluate its performance, both internally and as compared with its peers, because it excludes certain items that may not be indicative of the Company’s core operating results for its reportable segments, as well as items that can vary widely across different industries or among companies within the same industry. Segment EBITDA is used to allocate resources, such as employees, financial and capital resources, for each segment and management monitors segment results compared to prior period, forecasted results and the annual plan. Segment EBITDA is calculated in a manner consistent with consolidated EBITDA.


Year Ended December 31,	Communications		Clean Energy and Infrastructure		Power Delivery		Pipeline Infrastructure		Other		Eliminations		Total Reportable Segments
2025:
Revenue (a)	$	3,339.1	$	4,699.6	$	4,176.1	$	2,137.8	$	—	$	(53.4)	$	14,299.2
Costs of revenue, excluding depreciation and amortization	2,953.4		4,156.0		3,686.2		1,762.3		—		(53.2)		12,504.7
Other segment items (b)	76.2		195.0		151.1		57.6		(30.8)		(0.2)		448.9
EBITDA	$	309.5	$	348.6	$	338.8	$	317.9	$	30.8	$	—	$	1,345.6

2024: (c)
Revenue (a)	$	2,524.2	$	4,092.1	$	3,612.7	$	2,133.6	$	—	$	(59.1)	$	12,303.5
Costs of revenue, excluding depreciation and amortization	2,222.5		3,639.8		3,162.7		1,689.7		—		(59.0)		10,655.7
Other segment items (b)	81.6		195.3		148.7		54.5		(26.2)		(0.1)		453.7
EBITDA	$	220.1	$	257.0	$	301.3	$	389.4	$	26.2	$	—	$	1,194.1

2023: (c)
Revenue (a)	$	2,366.4	$	3,962.0	$	3,625.1	$	2,072.8	$	—	$	(30.4)	$	11,995.9
Costs of revenue, excluding depreciation and amortization	2,085.7		3,616.9		3,186.5		1,731.5		1.1		(29.9)		10,591.8
Other segment items (b)	101.7		212.7		140.6		56.9		(26.1)		(0.5)		485.3
EBITDA	$	179.0	$	132.4	$	298.0	$	284.4	$	25.0	$	—	$	918.8


	Year Ended December 31,
Reconciliation of Segment EBITDA to Income (Loss) Before Income Taxes:	2025		2024		2023
Segment EBITDA	$	1,345.6	$	1,194.1	$	918.8
Less:
Interest expense, net	173.0		193.3		234.4
Depreciation	295.9		366.8		433.9
Amortization	131.2		139.9		169.2
Corporate	230.2		243.3		163.9
Income (loss) before income taxes	$	515.4	$	251.0	$	(82.7)

For the years ended December 31, 2025 and 2024, Corporate results included approximately $0.7 million and $10.7 million, respectively, of expenses related to changes in fair value of acquisition-related contingent items, and for the year ended December 31, 2023, such activity included income of approximately $13.9 million. In addition, for the year ended December 31, 2024, Corporate results included a loss on debt extinguishment of $11.3 million, and for the year ended December 31, 2023, Corporate results included fair value losses related to an investment of $0.2 million. For the year ended December 31, 2023, Communications, Clean Energy and Infrastructure, and Power Delivery EBITDA included $22.5 million, $37.1 million, and $8.5 million, respectively, of acquisition and integration costs related to certain transformative acquisitions, and Corporate results included $3.8 million of such costs. These acquisition and integration activities were completed in the fourth quarter of 2023.


	Year Ended December 31,
Depreciation and Amortization:	2025		2024		2023
Communications	$	60.3	$	74.4	$	84.0
Clean Energy and Infrastructure	108.1		123.0		144.2
Power Delivery	142.3		170.2		211.7
Pipeline Infrastructure	107.4		128.8		152.9
Other	—		—		—
Corporate	9.0		10.2		10.4
Consolidated depreciation and amortization	$	427.1	$	506.6	$	603.2


	As of December 31,
Assets:	2025		2024		2023
Communications	$	1,962.3	$	1,673.8	$	1,729.1
Clean Energy and Infrastructure	2,816.6		2,706.4		2,978.8
Power Delivery	2,621.6		2,489.9		2,440.2
Pipeline Infrastructure	1,928.7		1,599.7		1,758.0
Other	364.0		318.2		305.0
Corporate	230.3		187.3		162.4
Consolidated assets	$	9,923.5	$	8,975.3	$	9,373.5


	Year Ended December 31,
Capital Expenditures:	2025		2024		2023
Communications	$	22.0	$	16.8	$	23.6
Clean Energy and Infrastructure	34.8		27.0		30.9
Power Delivery	78.7		72.7		56.7
Pipeline Infrastructure	100.2		27.5		76.0
Other	—		—		—
Corporate	24.3		4.9		5.7
Consolidated capital expenditures	$	260.0	$	148.9	$	192.9

Foreign Operations. MasTec operates primarily within the United States and Canada. Revenue derived from foreign operations totaled $177.2 million, $93.3 million and $95.1 million for the years ended December 31, 2025, 2024 and 2023, respectively. Revenue from foreign operations was derived primarily from the Company’s Canadian operations in its Pipeline Infrastructure segment. Long-lived assets held by the Company’s businesses in foreign countries included property and equipment, net, of $23.0 million, $25.3 million and $17.5 million, as of December 31, 2025, 2024 and 2023, respectively, and intangible assets and goodwill, net, of $108.8 million as of both December 31, 2025 and 2024, and $32.6 million as

of December 31, 2023. Substantially all of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations. As of each of December 31, 2025, 2024 and 2023, amounts due from customers from which foreign revenue was derived accounted for approximately 1% of the Company’s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue.

Significant Customers. For the year ended December 31, 2025, AT&T represented approximately 10% of the Company’s total consolidated revenue. The Company’s relationship with AT&T is based upon multiple separate master service and other service agreements, including for maintenance services and construction/installation contracts for wireless and wireline, and for which the related revenue is included primarily within the Communications segment. No customer represented greater than 10% of the Company’s total consolidated revenue in either of the years ended December 31, 2024 and 2023. Revenue from governmental entities totaled approximately 13% of total revenue for both the years ended December 31, 2025 and 2024, and 11% for the year ended December 31, 2023, substantially all of which was derived from its U.S. operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Income Taxes - Schedule of Provision for Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ (51,200)	$ 68,900	$ 90,200
Foreign	1,900	7,800	1,800
State and local	27,500	9,300	13,500
Total current income tax expense	(21,800)	86,000	105,500
Deferred:
Federal	143,300	(26,200)	(119,700)
Foreign	(9,700)	0	(100)
State and local	(18,400)	(8,300)	(21,100)
Total deferred income tax expense	115,200	(34,500)	(140,900)
Provision for (benefit from) income taxes	$ 93,384	$ 51,542	$ (35,408)